Upside down in vehicle that is falling apart!?

I have a loan on a 2002 Ford Escape that I financed in 2009 through CNAC, which is the in house bank that finances cars for JD Byrider. Yup, a program that inflates car prices and jacks up the interest rate. 23% to be exact. I put $100 down.  Are you nauseous yet? I was desperate. I owe $6,700 and the car is is bad shape.  I bought into the JD Byrider program nearly 3 years ago because my first financed car was repossesed after losing my job.  The reverse went out in December and recently the rusted bracing for the gas tank broke. To top it all off, this morning the car stopped working. My boyfriend suspects it is the alternator. oh, and my inspection sticker expires in 4 days. My credit score is still only at about a 550 average, so trading the car in towards a new car isn't an option. Plus, I'd just be upside down. I can't fathom the thought of letting the car go so that I can save up to buy a "beater"outright,plus I need a car to get back and forth to work. Help! Not sure if I am replying properly, but in answer to BD's question- yes, they have reported positive credit monthly and it has boosted my credit. Sadly, I destroyed my credit when I was only 20, so by the time I bought this car at 23, my credit had depleted to a pathetic 300. So, the program has definitely helped to improve my score by reporting positive payments every month. However, with all my negative marks, this is probably as good as it's gonna get until the other stuff is paid off. In the meantime, I need reliable transportation to get to work so I can afford to pay off the debts. Just trying to avoid giving up the car when I have worked so hard to build my credit. Im sortve stuck between a rock and a hard place.

Asked By: - 9/26/2011
Best Answer - Chosen by Asker
Sometimes you are better off cutting your loses. I am not sure how long you have had the vehicle was it inspect able when you bought it, just because the sticker was there does not mean it was really inspect able. Contact your state motor vehicle department if they feel the car was unfit or full disclosure was not... More
Answered By: Calvin C - 9/26/2011
Additional Answers (1)
This is typical of most buy here/pay here dealers. The crappy vehicle was overpriced and you are stuck. If you allow the vehicle to be repo'd, it could end up on your credit report -- I assume the dealer doesn't report your loan/payments to the credit bureaus. But will probably turn the debt to a collection... More
Answered By: bdancer222 - 9/26/2011
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