I owe money on a car and now it needs upwards of $3k in repairs, what should I do?

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Dr V

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The timing belt on my 1999 Nissan frontier broke and the mechanic I took it to said that he will be working up a formal estimate, but if there is any valve damage we are looking at $3k in repairs. I already owe $6500 on the loan. I have been exploring voluntary repossession but I don't know if it makes financial sense. I can't afford the repairs on my own and my credit sucks right now. Any suggestions?
 
Get a trusty mechanic, or you may be paying for unecessary repairs. if there is valve damage the engine will not have the right compression/exhaust cycles. the valves can not open and close right.

if you have a new timing belt or good used one put on and the truck runs right there is no valve damage. the belt is under a $100 new but there is alot of labor to put in a new one.

if necessary trade it in for a working model. reprosssesion will screw up your credit even more. the reprosssesors will sell the truck for what ever they can auction it off for. you will be responsible for the difference if it less than the money you owe on the loan.
 
Try an auto tech school. The parts for the job you will need are very expensive - you will probably need a new head (top of the engine), possibly a whole new long block (entire engine).

Usually the tech school will charge for parts, but not labor. And the parts will be shop cost - with no markup. This will save you a ton on this job, and give the kids in class a great chance to learn. Just be ready to ride the bus for a while.

And changing that belt would have cost you about $400, tops (maybe $250-300 if you found a cheap shop) - I know this is probably a bad time and you don't need any harsh words - but pay attention to your maintenance schedule in the future.
 
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