My husband financed a 2012 Nissan Rogue a little over year ago. We have about 3 years left with the payments, and we have been extremely happy with the vehicle. This weekend, the transmission went tits up. $4200 repair estimate from the dealer, and I am having difficulty finding any independent shop in the area who will even quote me on replacing a CVT transmission. There’s no warranty, as we have over 120,000 miles on it. Since we owe $9000 on the car, I don’t know what to do, except trade it in and go upside down into a new loan on something else. We have zero cash to throw at this at all.
I am really upset because I really don’t see a way out of this. Is trading it in and going upside down the only option for us, or am I missing something obvious?
Would it even be possible to hide that much negative equity and be able to keep our payments at the current level of around $300/month? Credit score is good, but not great. High utilization (credit cards) is deflating things but no other negatives present on the report.
I don’t want another transmission of this type (I’m kind of over it right now!) but I do want a reliable SUV of about the same size. Will other dealers even look at my current vehicle since it has a blown CVT transmission and let us trade it in for a decent price? Or am I stuck with getting another Nissan?
What kind of trade in value is this even going to have?
I have never had something hit with no warning and I am beyond anxious. I feel like our finances are going to be in long-term ruin. A 6-7 year car loan is the only thing I can see as even an option and my stomach is absolutely sick over it.
Thanks for any help.
Submitted September 06, 2018 at 10:16AM by PolyHollyHey https://ift.tt/2oKoi3S
