Sorry to resurrect an old thread, but a monkey wrench just got thrown in...
I have been diligently paying my car payment every month, mostly to buy myself time until I can either figure out a better plan or pay off enough balance to get it close enough to sell it and not have to cough up a $2,500 check. This plan has been going well until this weekend.
I drove across town to take my SO out to a nice waterside restaurant for her birthday and the transmission started slipping badly on the freeway. It kept shifting in and out of overdrive. It then starting banging gears badly on 1-4 up-shifts. It was the same on Sunday and the same today. I have the benefit of working at an automotive repair facility and decided to have my best tech look at the vehicle. He thinks it's an internal pump failure of the transmission and it's losing pressure...which would indicate imminent failure of the transmission unit.
The check engine light is still on, the front end is still falling apart, power steering comes and goes, key less entry doesn't work and now the transmission is failing. I planned on getting the engine light fixed and doing a few small repairs before trying to sell it, but even my cost on a used transmission installed is pretty astronomical.
Does anyone think the situation has changed? I'm starting to seriously consider letting the bank come pick it up. Otherwise, I face $3,000-$5,000 in repairs, plus paying off the $6,000+ in balance left to try and receive $5,000, which is what the car is worth. I almost look at this like some of the people walking away from underwater mortgages, but I don't want bad credit or judgements against me.
Am I just plain SOL?