I have a 2016 Chevy equinox at almost 150k I owe 8019$ and requires a new engine replacement which my quote was almost 8000$ I have no where to store the vehicle I do have gap but doesn’t cover “wear and tear” insurance won’t cover because it’s “wear and tear” I have the money to pay it off but it would fully (almost) fully drain my savings that I have for a house. ( we’re looking to buy in April) I can’t repossess nor surrender the vehicle bc it will effect my credit which again we’re trying to buy a house ( I have good credit the car is under my name) is there any way I can get rid of the vehicle without it effecting my credit? I can still make the payments but I also need to qualify for a new vehicle while keeping my dti ( debt to income ratio ) low ?
I’m also in wi thank you!
2016 Chevy equinox needs engine replacement
byu/Artistic-Log-7119 inpersonalfinance
Posted by Artistic-Log-7119
5 Comments
Oof that’s rough, you’re basically looking at paying 16k for a car that’s worth maybe 10k after the engine swap. Have you looked into used engines from junkyards? Sometimes you can find decent ones for like 2-3k and find a cheaper mechanic to install it
Dump it in a lake n report to insurance as stolen
Get additional quotes from other shops for engine repair/replacement. Was the $8000 quote from a dealership? It seems rather high, but your savings are going to take a hit no matter what. Make peace with the possibility that your home buying aspirations may get pushed back.
You only have two options really, sell the car for parts and take a huge haircut because what usually goes wrong on these vehicles are the engines.
Or you replace the engine. 8k seems high but labor is expensive these days. You can always try to swap in a used engine to get it running and then see for a smaller loss. Of you have anyone in your life you can trust to help you do an engine swap, they are hard but can be done by an experienced home mechanic.
Good luck and sorry, next car you buy make sure to look at common problems with the engines and transmissions before you buy. Sadly these vehicles are known for engines shitting the bed.
Sell the Equinox and get a beater.
Honestly more concerned that you only have $8k and are looking to buy a house.
Closing costs, taxes, insurance and then connecting if utilities is multiple thousands of dollars.
Good luck.