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Need advice on truck with $3500 left on the loan...

 
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teslamight teslamight
New User | Posts: 2 | Joined: 07/12
Posted: 07/17/12
02:28 PM

I'm currently unemployed and own a Honda Ridgeline 07 that I bought brand new and have never been in an accident with, 125k miles with $3500 left on the loan and about $3000 worth of repairs needed.

The repairs needed are as follows:
AC cold air does not work
Needs new drive belt
A few chips on the paint showing rust, and a couple minor dents
Brakes shoes are very corroded and may need to be looked at, as well as several hardware pieces under the hood

I still get the same gas mileage I always have (16-18 mpg highway), the temp gauge hasn't budged much over the year, so I'm assuming the mechanics are still good; my problem is not being able to afford the high insurance and upkeep of the vehicle anymore.... much less the payments.

What should I do?  I was hoping it might be possible to trade the truck into a dealership for a smaller compact car with better gas mileage with compatible mileage... is that even remotely plausible?  

henry.budd henry.budd
Enthusiast | Posts: 260 | Joined: 01/12
Posted: 07/23/12
11:05 PM

Yes, that is possible, trading your car with a smaller car. Some dealership does that. The main problem is you are still left on the loan. My best suggestion is go to your local auto dealers, tell them about your whole condition and see if they have any deal for you.

One more thing, forget about the repair work, see if you can at least fix the loan issue.  
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