Car has Blown Engine and I Still Owe

What to Do When Your Car Blows Its Engine and You Still Owe

If your car has blown its engine and you still owe money on it, you’re probably feeling overwhelmed and stressed. After all, a blown engine is a major expense, and it can be difficult to know what to do next. Here are a few steps to help you get through this difficult time:

1. Assess the Damage

The first step is to assess the damage to your car. This will help you determine whether or not it’s worth repairing. If the engine is completely blown, it may not be worth the cost of repairs. However, if the damage is less severe, you may be able to get it fixed for a reasonable price.

2. Contact Your Lender

Once you know the extent of the damage, you need to contact your lender. Explain the situation and let them know that you’re unable to make your car payments because the engine has blown. Your lender may be able to work with you to find a solution, such as deferring your payments or reducing your interest rate.

3. Explore Your Options

If your lender is unwilling to work with you, you may need to explore other options. One option is to sell your car for parts. This will not get you as much money as selling a working car, but it’s better than nothing. Another option is to declare bankruptcy. This is a last resort, but it may be the best option if you’re unable to pay your debts.

4. Get Help

If you’re struggling to make ends meet, there are many resources available to help you. You can contact your local social services agency or credit counseling agency. These organizations can provide you with financial assistance and support.

Conclusion

Blowing an engine is a major setback, but it’s not the end of the world. By following these steps, you can get through this difficult time and get back on your feet.