Is signing an AS IS contract on a used vehicle the death of your credit, if the car becomes non func

I bought a used chevy suburban. I thought I made a good purchase. I generally take care of my vehichels. The car began giving me grief 20 days after I bought it. The finance company deferred one payment because I had to pay nearly $300 to fix it. This weekend the truck broke down again and the cost of repair will exceed $2000. I asked the finance company if there were any options for me and I was told no, because I signed an AS IS contract. I need my vehicle to work but I don%26#039;t have the money to keep pouring into this lemon. We have car dealers here, that offer the push, pull or drag deals. They say they will pay off you trade no matter what you owe. Is this my only choice or do I have other options?

Is signing an AS IS contract on a used vehicle the death of your credit, if the car becomes non functional?

Even if they pay off your trade, you%26#039;re still gonna pay for both vehicles. They pay it off then add that amount to the new car.

You are still protected under the lemon law in most states tho. Find your states Lemon Law and see what can be done. You%26#039;d do best to get a lawyer and take the fight to them. It%26#039;s gonna take time you don%26#039;t have to get out of it tho.

If this is a small mom and pop place I would take it back to them tell them keep it. If it%26#039;s a big finance company they will ruin your credit as voluntary Repos are worse than just not making your payments.

Did you try taking it to different shops to get more estimates? $2000 is a lot of money for anything on a car and you may be getting ripped off. Only a Transmission or Engine rebuild would cost that much and that qualifies as a lemon in most places.

Is signing an AS IS contract on a used vehicle the death of your credit, if the car becomes non functional?

Your first clue that it was a lemon was a contract that said AS IS! I think it%26#039;s your only option.

Is signing an AS IS contract on a used vehicle the death of your credit, if the car becomes non functional?

well the push drag and pull deals are ok, but remember whatever they pay off, you still have to pay to them on a different car. Almost all used cars are AS IS... Many car dealers will take it back and refinance your loan and give you another car. Thats how they get more money. They sell you a crappy car, it goes bad, you come back they trade up and you think wow how nice, and boom you are paying 2x as much... I would never go through a car company that offers its own financing unless i have heard ONLY great things about it.

Is signing an AS IS contract on a used vehicle the death of your credit, if the car becomes non functional?

Yea, you might want to see if you can get a decent trade in on that thing, without pouring the 2000 into it. I don%26#039;t really know, thats a pretty tough situation but see what the dealers will do for you.

Is signing an AS IS contract on a used vehicle the death of your credit, if the car becomes non functional?

They%26#039;ll pay off your trade no matter what you owe, but they will roll your negative equity into the new loan.

ie if you owe $10,000 on the Suburban and they give you $10,000 for it, they are really only giving you $7,000 for it, and putting the $3,000 difference into the loan on your new car.

Is signing an AS IS contract on a used vehicle the death of your credit, if the car becomes non functional?

AS IS,simply means if it breaks,they won%26#039;t fix it under warranty,because you have none.If you fail to pay,it affects your creditscore and they re-po the vehicle.As for the %26quot;Any Trade%26quot; dealers,they simply jack up the price of the car you%26#039;re buying,above what it%26#039;s worth which is unethical.You%26#039;d be better off buying from a friend or relative.

Is signing an AS IS contract on a used vehicle the death of your credit, if the car becomes non functional?

They knew what they were doing when they sold that lemon. However there is nothing you can do about it except to try trading it back in and get another loan. However on your next vertical have it certified that it is in good condition. Yes that means you will have to pay more money but in the long run you will know that you have a better car than the one they stuck you with. As is means just that! They made money on you and didn%26#039;t even blink an eye when you drove off.