What do I need to do to regain the money I have lost in my car?

I took out a loan on a 2500 car and then it quit on me after I paid it off. I didnt trade it in but bought an 800 dollar car that I didnt like. I traded it in for an 8000 dollar car that quit on me a month later, and then I traded both cars in for a 20000 car that only has 30,000 miles on it. (Exact number) I have every warranty and insurance that can be bought - Gap, Disability, Life, 100,000 coverage. Can I trade these policies in with the car? I want to pay the loan off and be done with it. Can I sell the warranty along with the car? The problem is that the car without the warranties is only valued at about 14,900. It is a Chevy Colbalt LS - CD Player, no sunroof, power locks, windows. Not leather interior. Automatic. Only used synthetic oil. Blue paint/ gray interrior.

5 Answers

  • 1 decade ago
    Favorite Answer

    you're in a situation called being "upside down" in your vehicle, there is nothing you can do but drive it and pay as you go

  • 1 decade ago

    Can you sell the warranty with the car? That depends on the warranty. Read your contract.

    Insurance only covers you, but you might get reimbursed for unused time. Gap insurance only covers you if you have a total loss and owe more than the car is worth (which it sounds like you do).

    I think your real problem is a Chevy Cobalt can be bought new for about $15,500, so you'll have problems trying to get even $14,900 out of it. I have a pretty well loaded G5Gt on my lot for $19,930, and there are currently $750 in rebates on it. It also has a 5 year / 100,000 mile warranty which is probably worth about $1,500 (if you were to buy a comparable car and get an extended warranty).

    Sorry to say, it sounds like you got screwed by someone.

  • 1 decade ago

    Unfortunately, cars a a commodity. They end to depreciate faster than we can pay them off.

    Your best chance is to ask around (family and friends) to find out the most honest car dealer. Talk to one of the sales people and tell them the story. You may find someone that is sympathetic and will sincerely try to help you. BUT! They are limited by the book value of the car. Whatever is said or promised, GET IT IN WRITING.

    You may be stuck! Put a sign in the window with asking price and your phone number. Someone may really want the car and give you the asking price. You may also have to realize that you may not get your investment back.

    Your policies may not be Worth the paper they are written on. Read the FINE PRINT... may not be transferable!

  • 1 decade ago

    Only the Factory Warranty will carry over....any warranties you bought do not generally transfer over to anyone else even if you sell your car privately. At least thats how we handle things where I work and what I have been told since I started.

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  • 1 decade ago

    If you have a warranty on the car that quit running take it to a shop and let them look at t because it should be covered by it. Other than that warranty's can be transferred.

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