I’m on a roadtrip in my 2024 Hyundai Elantra hybrid. I owe about $30k since I had some negative equity going in, but I was planning on driving it forever so it was really just a matter of time to be right side up again.
Problem is my hybrid system threw an error and now I’m stranded. Due to what’s shaping up to be warranty issues, there’s a decent chance that I’m going to be stuck with the prospect of several thousand dollars in hybrid battery replacement that could take a few weeks to even get repaired— mind you, I live in Dallas and I’m stuck here in Little Rock. I technically have the money to cover 6-7k of repairs, but it’s earmarked to pay our taxes and I’m not really sure how else I could make it work.
My question is theoretically could I buy another car today and just stop paying this car note?
Need advice on car note
byu/Different-Fix-4573 inpersonalfinance
Posted by Different-Fix-4573
3 Comments
How is a two year old car not under warranty?
> My question is theoretically could I buy another car today and just stop paying this car note?
No. You can’t.
Well, I mean, you can, but they’ll repo the car, auction it off for a fraction of what it’s worth and sue you for the difference and trash your credit.
The answer to your last question is no. You cant just get a new car and stop paying on the old one.
If its a warranty issue, just let the dealership take care of it. It shouldn’t take weeks for it to get fixed unless the dealership is unable to get the parts in a timely manner or for some reason is booked out for several weeks.
It feels like you are wanting to justify getting a another new car. With all the negative equity you probably have in this one you are stuck with it for a bit.
>Due to what’s shaping up to be warranty issues, there’s a decent chance that I’m going to be stuck with the prospect of several thousand dollars in hybrid battery replacement
What warranty issues? You need to explain this in some detail. That battery is covered for 10 years or 100,000 miles.
>could I buy another car today and just stop paying this car note?
You can do whatever you like. But if you choose this route, your credit will take a terrific hit; the lender will sell your debt, and I guarantee you that a debt collector will go after you aggressively for $30K.