Options Trading Tutorial

I have owned my 2004 vehicle for about a year and a half. It has significant mechanical problems. Some of it has to do with the alternator, and some of it has to do with the computer system in the car. I have replaced the alternator at least 2 times in the last year and a half, with the same problems continuing to arise even after it is fixed! Obviously, the issue is getting down to why the alternator continues to cause problems, which is what the auto shop is looking into and now is leaning towards the problem being the computer system. Regardless of any of this, it is going to cost me at least $500 to fix and there is no guarantee that the problems will not come up again. I do not have this money to fix the car and quite honestly, don’t want to keep putting money that I don’t have into a un-fixable car!

Both the mechanic and the dealer have told me that unfortunately, it seems that I have a “bad car” which can happen occasionally. It does not qualify under a “Lemon Law” as all parties have already looked into this. There are no warranty’s left on the car. I still owe $6500 on the car (as it is still a new car when consider the year made), however is only worth a small fraction of that because of the problems.

I have talked to 4+ dealerships about my options for trading in this car to just get into a new one so I don’t have to worry about paying for these same problems, which will inevitably happen over and over again. No dealership will touch me because of the negative equity that this old car will carry over into the new car. We have even tried to combine trading in this old car as well as a qualified “clunker” to try to eat up that equity and nothing seems to be panning out.

With all of this said, my main issue is that the best dealer actually working with me on this is asking for at least $3000 to put down on a new car to eat up some of this negative equity. I can then get into a new car and forget about my problems with this old one. However, obviously, if I don’t even have the money to fix my old car, where is this $3000 going to come from??? I’ve tried several different sources to try to get a loan, and no one is budging without a cosigner, even though I have pretty good credit (although, with so many different places checking my credit, that has gone down a little too which boggles my mind!?!?!). I’m independent from my family and have no one who is able to help me out in this situation, let along qualify to cosign for a loan. I’m feeling very stuck and lost at this point. There has to be ways out there to get loans or find options when I am essentially on my own…

If you can offer any help or advice… I could really use some guidance right about now!!!

Thank you – Feeling Hopeless
@ Joey: Are these guaranteed finance places like those that have an outrageously high interest rate, or are these real loan places with regular monthly payments?? Thanks for your help and answer!
@ All: It basically comes down to the negative equity thing… So if I can get rid of as much negative equity as possible, then I won’t have to worry about the cosigner due to the fact that I have good credit and can make my payments!

I think the reason why I can’t trade in for a used car and have them forgive the old loan is because of that negative equity, along with the fact that the car doesn’t have much value anymore due to all of the problems! I will ask the dealer this question though! Maybe I can get a different answer this time!

Keep the help coming people! I really appreciate it!
@ Jeanne R: Thank you for your response! Interesting thing though… if I get the $3000, I can get the car without a co-signer! So that’s why I’m trying to get a loan for that amount, however finding a lender that doesn’t require a cosigner is the problem and that is where I’m looking for help… Any further advice????

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