Engine Failure on Financed Car
Engine failure is a major problem that can happen to any car, but it can be especially devastating if your car is financed. If you’re still paying off your car, you may be wondering what to do if the engine fails.
Here are a few things to keep in mind:
1. Determine if the engine failure is covered by your warranty.
Many new cars come with a warranty that covers the engine for a certain period of time or mileage. If your car is still under warranty, you may be able to get the engine repaired or replaced for free.
2. Contact your lender.
If your car is not under warranty, you will need to contact your lender to discuss your options. Your lender may be able to work with you to get the car repaired or replaced.
3. Get a second opinion.
Before you agree to any repairs, it’s a good idea to get a second opinion from a trusted mechanic. This will help you ensure that the repairs are necessary and that you’re getting a fair price.
4. Consider your options.
Once you have all the information, you need to consider your options. You may be able to:
- Repair the engine.
- Replace the engine.
- Trade in the car.
- Surrender the car to your lender.
The best option for you will depend on your specific circumstances.
5. Make a decision.
Once you have considered your options, you need to make a decision about what to do. This is a big decision, so it’s important to take your time and weigh all of your options carefully.
6. Take action.
Once you have made a decision, you need to take action. This may involve contacting your lender, getting the car repaired, or trading it in.
Engine failure on a financed car can be a major problem, but it’s important to remember that you have options. By following these steps, you can get the problem resolved and get back on the road.
