My husband and I bought a truck two years ago that we rolled negative equity into from our previous car. Now, the truck won't pass emissions and we don't have the cash to fix it up and get it to pass. Now I feel like our only options are to either trade it in and roll over negative equity again, which I really don't want to do. Or fix it which we don't have the money to do either. I'm feeling very stuck and frustrated - cars seem to be the bane of our existence right now.
I'm not sure this is the right place to post but I'm in a bind and hoping for some sound advice. Thank you.
Additional info: So I realize the need for more info. I believe the negative equity would be about 7000$, the cost to fix is about 4-5K which is a lot out of pocket. I think just fixing and paying down is the best option. But we cannot get new tags without fixing. We are located in Colorado and it is a diesel truck that is tuned, we bought it tuned and so getting a waiver is not an option. I don't want to go deeper into a loan. We have a mortgage to pay monthly.
We rolled over negative equity the first time because we needed a truck and the other car was also falling apart. I worry that we are just digging deeper and I think we need to fix it and just deal with the truck we have. I don't want to go into another loan.
Edit: thank you for all the advice. I do realise we made a bad choice and need to just fix what we’ve got. I am going to make some appointments and get some quotes for all the things that need fixed and go from there.
Submitted October 02, 2018 at 09:37AM by HDavidson https://ift.tt/2NVtHUK
