Car Engine Blown: Still Owe? Here’s What to Do

Blowing your car engine is a major setback, especially if you still owe money on the vehicle. Fortunately, there are a few options available to you.

1. Contact Your Lender

The first step is to contact your lender and explain the situation. They may be willing to work with you on a payment plan or other arrangement. Be prepared to provide documentation of the damage, such as a repair estimate or invoice.

2. File an Insurance Claim

If you have comprehensive insurance, you may be able to file a claim for the damage. However, your deductible will likely apply, so you’ll need to weigh the cost of the repairs against the amount of your deductible.

3. Sell the Car

If you don’t want to keep the car, you can try to sell it. However, you’ll likely get less for it than you would if the engine was in good condition. You can sell the car to a private buyer or to a dealership.

4. Get a Loan

If you don’t have enough money to cover the repairs, you can try to get a loan. However, this may be difficult if you have a low credit score or if you already have a lot of debt.

5. Declare Bankruptcy

In some cases, you may be able to declare bankruptcy to discharge the debt on your car. However, this is a last resort and should only be considered if you have no other options.

Conclusion

Blowing your car engine is a stressful experience, but there are steps you can take to deal with the situation. By contacting your lender, filing an insurance claim, or selling the car, you can get the help you need to get back on track.