- November 22, 2023
- Posted by: legaleseblogger
- Category: Related News
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**Boyfriends Car Troubles: A Critical Situation**
Today, my boyfriend experienced a major setback when his car blew a rod and the engine is completely ruined. Unfortunately, we do not have a lot of details about the incident. The car in question is a 2013 Scion TC, which was purchased from a dealership in February 2020. At the time of purchase, he made a down payment of around $2,000 and financed the remaining cost, which I believe was approximately $9,000, for a period of 5 to 7 years. With a co-signer, he secured a low-interest rate and has been making monthly payments of around $200.
Given these circumstances, he should have already paid off a couple thousand dollars of the loan. The burning question we now face is: what is our next move? It is important to note that he is required to have full coverage insurance due to the loan, but we are uncertain if additional coverage such as gap insurance would offer any financial assistance. In light of this situation, we are feeling incredibly overwhelmed and uncertain about the future of the car and the loan. Are we in a hopeless situation, or is there a way to navigate this difficult predicament?
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****** just grabbed a
Insurance doesn’t cover mechanical failures. He is going to need to continue paying on the car whether it runs and/or is fixed or not.
Gap insurance is in case you get into an accident and the car is totaled and the Gap insurance takes care of any negative equity. You may want to look into replacing the engine with a rebuilt engine or have the damaged engine rebuilt if possible. No matter what that car loan has to be paid off either with cash or see if the bank can change it to a personal loan and pay it off.
Insurance wonÔÇÖt do anything for mechanical. I wouldnÔÇÖt try to repair the damage and just look for a complete used engine to drop in. The 2ARFE in that car is pretty reliable and a cursory search seems to show many engines available for $1500-2000.
ÔÇ£The AR engine family is an Inline-4 piston engine series by Toyota, first introduced in 2008 for the RAV4, and subsequently for the Highlander, Venza, Camry and Scion tC.ÔÇØ Lots of used engines to pick from.
Just call around to shops for quotes on rebuilt engines. Don’t let the dealership do it whatever you do, they’re gonna charge you your entire soul plus 3 of your children.
IÔÇÖd square up with the lender , car isnÔÇÖt worth fixing. And sorry gotta ask- no reason why a Toyota engine that is 10 years old should blow a connecting rod. Was he doing regular oil changes etc?
He should probably be careful or heÔÇÖll crash that Scion TC going 100 mph
Get a used engine and keep driving
Tell your boyfriend to keep up with maintenance and oil changes.
A Scion tC of that gen should not have blown a rod without serious neglect. It’s just a sporty 4 banger 2 door Camry. It’s an oil burner, but Toyota did fix it around 2011-2012
Look for a 2AR-FE engine, preferably from a tC/Camry/Rav4/xB and have an honest import mechanic install it.
Go to an independent mechanic and install a used engine. Stay away from the stealership.
I had the exact same thing happen on an 09 scion tc, and I owed 2k on it. I bought a 2015 scion tc, and the dealership let me roll the 2k onto that loan, and i purchased gap insurance. Just paid it all off a few months ago
Threw a rod? Forget about rebuilding it. Find a good independent mechanic (dealers are expensive) and get a rebuilt engine installed (throwing a rod damages the block, so you wonÔÇÖt get the core charge back by having the old engine sent to the rebuilder), or a used engine from a salvage yard.
>2013 Scion TC, was purchased from a dealership in feb 2020. He put some money down, I think $2k then financed the rest of the cost, I believe $9k for 5 or 7 years. Interest rate with a co-signer was low, payments around $200 per month, so he should be a couple grand into the loan at this point.
I think you should get the exact figure on this.
Also, it is a Toyota, a used engine should be abundantly available and not too costly, it *MIGHT* be worth fixing, but DO NOT get it done at a stealership. Find either a Toyota only mechanic or japanese auto. What area of the US do you live in?
I own one of these cars and the same thing happened to my engine. Luckily these engines are a dime a dozen at junk yards because young kids buy them and wreck them all the time.
The engine itself cost me about $1,000 including a warranty on it from a local junk yard and it cost about $1,000 to have a local mechanic put it in.
You have 4 choices.
Sell the car cheap and continue to pay off the loan.
Replace the engine/have one rebuilt at a local mechanic for probably 2-3k
Quit paying, take the credit hit, tell the dealership to come repo it.
Find a way to crash it into a a tree/lake/wall and total it. (Ie insurance fraud)
What do you do now?
You continue paying the car loan, and you hire a mechanic to replace the blown up engine with a used engine. Insurance had nothing to do with this at all.
How did the car blow a rod? Did you run it without oil?
I don’t mean to dump on you while you’re down, but this is a personal finance sub and the numbers you’ve mentioned are concerning.
A $200 payment on a five year loan for a $9,000 principal amount is in the 10% to 14% interest which is high for that point in time even for a used car. It means your boyfriend could be paying almost $3,000 in interest for that $9,000 loan. It’s even worse if it really is a seven year loan as that would be around 20% interest and almost $8,000 in interest based on a $200 monthly payment.
I’d recommend not doing that again if possible. Seven year loans for cars are almost always a terrible deal. Even five year loans aren’t great. I’ve learned my lesson to just keep my current car for three years after I paid it off and keep saving that money I was paying and I’ve got enough to just buy a car in full the next time.
Girlfriend had her car for about two years, Hyundai has oil burning issues and her engine blew. She had to get the engine replaced and had to add 10k to her loan. If you’re mechanically inclined, try swapping in a new engine yourself, it’s much less expensive.
Sorry, I don’t mean to “rub it in” but a 7 year loan on a 7 year old car… wasn’t a smart choice.
Get a second opinion on the engine and for the love of god donÔÇÖt take a 10 year old car to the dealership for service. Find a good independent mechanic.
Find a local mechanic who will swap the motor with one from a junkyard that got in a rear end collision.
This should probably read ÔÇ£Boyfriends car was money-shifted and blew a rod today and engine is a goner.ÔÇØ
Drive a financed car with care and as if someone else owns it, because they do.
ItÔÇÖs a looooooonnnngggg shot, but if the car was built in December of 2013, and has less than 100,000miles, the engine could be replaced under the powertrain warranty.
Well there’s a good life lesson, don’t have a loan on a car that’s nearly a decade old
i was literally in this EXACT same situation. 07 ford fusion, bought at 68k miles, at 110k miles, cruise control down the freeway at 72, heard a loud knocking noise start and barely had time to react as 2 rods blew and the motor quite literally exploded, something large dropped out and hit my back tire causing my car to hop over it nearly putting it into the wall, then there were flames. not a fun time, still had 26 months left on it. Interest sucked because it was through santander, payment was 418, insurance didnt do anything, dealership wouldnt help, no warranties, was at the end of my options. So i contacted a lawyer and went through the process of filing a chapter 7 bankruptcy because of the lien on the vehicle. it took some work but it was finalized and closed and debt wiped out.
i was strapped for cash because i didnt have more than 1000 for a new down payment for a new car, but the lawyer i went through works with a dealership that deals with people who have gone through bankruptcy, went there and got a much better car and the kicker was the interest rate. my credit was crap when i bought the fusion and the interest was like at a 48%. after the bankruptcy which was discharged july of 17 my credit went up over 100 points which got me a 2015 kia forte, 39k miles, interest rate of 17% payment of 318. this was only 1 month after it was discharged too and i couldnt believe how much of a difference that was.
i know that everybodys finances and personal situations are all different, all i am saying is that bankruptcy IS an option. bankruptcy isnt all that horrible and theres a lot of bad reputation for it i know this part is a little off topic now but personally it was the best decision ive ever made. pre ch7 was at a 438 credit score, post july 2017 was at a 586 which got me the kia. fast forward to present and i now have almost tripled my income with my career, have a new 2023 car like brand new 4 miles were on the thing when i bought it, interest rate i got now for this one was 7%, and credit is over 720, and as of 2 months ago i just closed on my first house, oh and im also a single dad to 2 kids full time as well.
i wholeheartedly apologize for this being a long comment, i just wanted to share my experiences and story that brought me to where i am now, and if someone reads it and it motivates them push themselves forward and come out successful and happy with their own results, then ill be happy for them.
Blown piston, thrown connecting rod*
For that far year, you could likely get a used engine under 1k. Find a small independent shop to put it in for another 500
Hard to advise major work on a 10 year old car since it’s going to need one thing after another to keep running. Probably get a used car and treat it nicer this time. Gotta eat the rest of the loan either way, unless you somehow had a warranty.
Threw a rod.
Connecting rods arenÔÇÖt ÔÇ£blownÔÇØ.
Well. Considering that he legit blew a rod he should know how to replace an engine. Blowing a rod is something that happens to engines that are severely overworked (i.e. racing it) or severely mismanaged (never maintained).
The good news: these cars are liked by a fairly sizeable group of tuners you may be able to sell the car for whats owed
The bad news: many enthusiasts of this car know very little about cars in general and you’re in a market of readily available blown up to engine scions.
Had he won the race, he could have sold the losing car to pay the price of winning.
YOU are screwed if he’s not manning up to pay for the consequences of being a child.
You really think throwing a rod happens out of the blue, barring failure to put oil in the engine? He over-revved it. The only reason for that is street racing.
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Engine replacement is straight forward but time consuming. Get a low mile junkyard engine, or a ‘crate motor’, which is a motor that’s been remanufactured, and have an independent shop install it. You can get engines like this on eBay.
Paying 11k for a ten year old scion is absurd, maybe if that car was absolutely immaculate it could be worth that price. I recommend that you don’t dig yourselves deeper by letting the dealer turn you over again for a 10k engine replacement that a normal mechanic would charge 2k for. It’s really important to shop around, dealers are more often not the right choice. But there are thousands of mechanics and everyone has a horror story. I personally would never consider a dealer, or franchise shop, and I take my time looking for a small garage with only one two guys with good reviews. Repairs tend to take a little more time, but cost significantly less.
Sometimes the bank will let you tack the repair cost onto the loan for major repairs, I know my credit union offered this service. But I’m not sure now because we are lean times and lending has tightened up.
DonÔÇÖt go to a dealership look for an independent shop or if you have the option look and see if a local college or high school have automotive courses, sometimes they like to take in cars for students to learn and get experience from.
Should check the details on the loan, there may be something covering mechanical failure
Why don’t he simply return the car to the lender? Is it actually worth fixing that car?