I have a 2006 G35 sedan, 54k miles, great condition, owe $11500 to credit union, HOWEVER, I bought it in 2008 knowing it was a "repurchase by manufacturer or lemon law vehicle". I haven't had any problems.

I'm in serious financial trouble with credit card debt and the credit union wants me to sell my car to carmax for $15500 TMV and give them the difference to go towards paying the $15k visa loan I have with them. Sounds good for them, however, I won't have a car and no one is going to lend me money to buy much of anything.

Here's the question: If I want to keep the car and continue making my payments, how do I prove to them that the amount they think I can get is not accurate because it's a buyback/lemon and the title will say such. I'd bet that carmax is not going to pay top dollar because of it, and the fact that I need tires desperately.

If I propose to keep my car and make my payments, I want to offer them a lump sum proposal to settle my Visa loan. What do you think is the magic number considering they're expecting some of the equity of my car now plus a good size amount for the visa? I'm thinking of $4000 but I'm afraid they'll laugh. However,

If I were to file bankruptcy, I'd get to affirm the car loan and pay it anyway, keeping the car and they wouldn't receive anything towards the Visa due to my financial situation.

Any thoughts, suggestions? Be kind. I want the car, but it looks like i should just start over. Anyone want to sell me their car?

 

Anyone out there that can help me?