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Old 12-17-2013, 09:59 PM   #1
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Blown Engine JK need advice

Hey everyone, well over the weekend my 2007 Jeep Wrangler was driven by my wife low on oil. Now the 3.8 is a giant knocking paperweight. So I need advice. Recently I had some money issues and the bank I financed this jeep through is going to come get it. I called them the other day and offered to but it with cash to save my credit. They told me to submit an offer on the jeep and they will let me know if it is approved or not. I know whatever I offer will probably be turned down but I need advice on what this jeep might be worth. So heres the details:

Its a 2007 2 door Sahara, 60,000 miles, needs a new motor, needs a new top, I am the 5th owner according to carfax, it has been rained in with the top off and is in desperate need of cleaning with mold and mildew in the carpet, seats are stained from crayons (from the kids) needs tires, needs a good detail.

The good: good transmission and undercarraige, straight body, no rust.

Ive been looking everywhere online for what a vehicle in this condition may bring at an auction. But ive really had no luck, so I have no idea what to offer the bank for this jeep. I want to keep it and try to fix it over time, it holds some sentimental value to me, i brought home my first born in this jeep, it was my first vehicle i bought in my name, it went through 2 years of the army with me, and i just hate to let it go. I know no one can tell me exactly what its worth but any advice would be greatly appreciated. Hope everyone has a great evening.

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Old 12-17-2013, 10:36 PM   #2
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As it's a bank that wants its money they will prob go by its KBB book price which is between $16000 & $18000 they probably won't get an assessment on it before excepting an offer just say that's what the book price is. You could go to a Carmax and get a free valuation and offer pretending to be interested in selling the jeep to them then you will have something in writing that says what a dealer thinks its worth.

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Old 12-17-2013, 10:39 PM   #3
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O crap sorry forgot about the blown engine so you can't take it to Carmax, the bank will still want about $16000 for it though because they are a bank.
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Old 12-17-2013, 10:51 PM   #4
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O crap sorry forgot about the blown engine so you can't take it to Carmax, the bank will still want about $16000 for it though because they are a bank.
The BANK may want 16,000 for it, but i can assure you they are NOT in the business of buying and selling cars, they LEND money and thats all they really want LOL, the last thing they want is a car. I say make em an offer of say 12,000 and explain that the engine is blown, the worse they can do is say NO to the offer, or they may send a company rep that works for them to asses the car and its value and then decide on that offer. Also if you have not been making payments on it and the bank wants to come get it, what amount will bring you current? Perhaps just come up with that amount, it buys you time, still saves your credit somewhat and you can decide what to do later, but what you need right now is time.
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Old 12-17-2013, 10:59 PM   #5
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no motor, poor interior condition, bald tires, average exterior, needs new top. I would say 10k max, maybe less. Of corse the bank will want what's owed, but if repoed it would probably auction for less then 10k. IMO
Oh,and if they repo it..let's say you owe 15k on the loan and they auction it for 10k, they will come after you for the 5k loss. So your basically screwed. Sorry
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Old 12-18-2013, 12:25 AM   #6
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The bank doesn't know or care about the engine. They will want what you owe, or book value.

Just curious though... How do you have money to buy a ~15k vehicle in cash to "save your credit" but you can't just make the payment, which is probably like $300....???
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Old 12-18-2013, 01:30 AM   #7
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^^^ was wondering the same thing. Also I wasn't sure the logic behind being late on your payments to the point of repossession, then thinking the bank would cut u a deal on the jeep.
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Old 12-18-2013, 07:29 AM   #8
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This story still confuses me--how much did OP pay/spend for a now 7 year old Sahara and finance at a bank?
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Old 12-18-2013, 08:22 AM   #9
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KBB value is $18K for one in excellent condition, <$16K for one in fair. Given that your car is in such poor conditions and needs a new engine, I would say that the most you could get for it is $6-8k.

If you want to save money, let the bank take it. This will be the cheapest option, albeit your credit rating will be screwed. What is your current credit score? It is even worth saving?

On the other hand, if you want to save your credit, make an offer equal to 80% of the amount that you owe to the bank. They will probably prefer to take a 20% loss than end up with a car that is essentially worthless.
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Old 12-18-2013, 08:23 AM   #10
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Here fishy...fishy...fishy


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Old 12-18-2013, 08:30 AM   #11
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OP! If you are not making payments on time or at all, and you are driving a vehicle with no oil in it, you do not need a broken jeep, with the higher than average maintenance costs to say nothing of an engine replacement!

You need $200 to $500 disposable transportation...

Hand the bank the keys...
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Old 12-18-2013, 09:00 AM   #12
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op! If you are not making payments on time or at all, and you are driving a vehicle with no oil in it, you do not need a broken jeep, with the higher than average maintenance costs to say nothing of an engine replacement!

You need $200 to $500 disposable transportation...

Hand the bank the keys...
+1
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Old 12-18-2013, 09:12 AM   #13
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In fair condition kbb lists the value as $14-15k trade-in. With the engine toast, I can't see you getting anything more than $10k for it.

The real question is how much do you owe and what can you pay? If you can pay $10k, why not just make the payments?
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Old 12-18-2013, 09:29 AM   #14
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To the OP, take better care of your stuff. Includes keeping it clean, maintained and up to date on payments.
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Old 12-18-2013, 10:11 AM   #15
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It is very easy to look back and say that things should have been handled differently but that really doesn't help the OP, no one can change the past. The question he asked was what is the Jeep worth.

I would not want to give him more than $5,000 for it as to me its basically a parts vehicle. I can see it going for $3,000-$5,000.

Now that being said, should someone who is in this position keep the Jeep or just let it go. Assuming the bank said you can keep it and we'll write off the loan and your credit rating will take a hit. Here is some advice which you didn't ask for.

This Jeep is a money pit and in my opinion and there is no practical reason to keep it even if it is free. Sell it for parts, use the money to pay off other debts, work at getting an improved credit rating.

Otherwise let the bank have it back.

If you absolutely need to have transportation buy the cheapest new vehicle you can obtain financing for and maintain it in good shape. When it's paid off trade it in on a very basic new Jeep and go from there.

A new vehicle will be under warranty and there should be no unexpected expenses so you would be able to budget for it. By financing it (assuming you are able too, and I expect that someone will if they want to sell you a new car) and making payments on time you will improve your credit rating.

A used vehicle even if you can finance one may have expenses not covered by warranty and that will cause difficulty if you haven't budgeted for it.

New and dirt cheap is your best option in my opinion.
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Old 12-18-2013, 10:31 AM   #16
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Depending on your state laws and the terms of your loan you may owe any balance over the collateral value. They may not have to take the collateral- they can enforce the note. That's a bigger issue than your credit. You were also supposed to maintain insurance. The depreciation in value from the blown engine would be on you. And as others have asked, if you have the cash then why not rehabilitate the loan or refi if you want the Jeep (but why would you want this thing)? I wish you the best, but unless something dramatic here is missing, this makes no sense on several fronts. Not trying to second guess, but there is more to what you will have to settle with the bank for than the value of the Jeep. You might want to check with an attorney as to your rights and responsibilities. Ex banker.
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Old 12-18-2013, 10:41 AM   #17
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It sounds to me like the Jeep Gods don't like how you've been treating one of their children. Let this be a lesson to all. Don't mess with the Jeep Gods and take care of your Wrangler.
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Old 12-18-2013, 11:30 AM   #18
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I'd pay $3,000 for it and then drop a Hemi in it and sell it on one of those stupid websites for $40,000..

Just sayin'.
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Old 12-18-2013, 01:17 PM   #19
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The bank doesn't know or care about the engine. They will want what you owe, or book value.

Just curious though... How do you have money to buy a ~15k vehicle in cash to "save your credit" but you can't just make the payment, which is probably like $300....???
+1 If you have the money to buy the jeep, use it to pay the bank what you owe them. I don't usually post on personal issues like this, but you opened it up and now think you can "get a deal" by not paying the monthly payments and breaking the jeep! Wow.
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Old 12-18-2013, 01:22 PM   #20
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I have to agree with the 'money pit' angle. The bank is not likely to eat much of the loan amount, so I'd make the offer and then go clean out your personal paperwork and stuff, with the expectation that they'll be picking it up shortly. You're on the hook for the difference between the original loan amount and the current residual amount.

Set up an appointment time for their repo agent to get the vehicle and clean it up for them in the mean time.

There are some good life lessons here. Learn from this. It is a substantial setback, but not the end by any means.
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Old 12-18-2013, 05:49 PM   #21
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The OP is MIA...just another drive by poster that we will never see again
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Old 12-18-2013, 06:54 PM   #22
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The REPO man took him AND the JEEP!
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Old 12-18-2013, 09:27 PM   #23
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Hey everyone sorry I didnt respond sooner and thanks for all the responses, I just work all day from sun up to sun down so im around the computer very little. Sorry I should have been a little more upfront about the details, but I didnt want to go into detail about finances. But I also dont want people thinking Im out to screw the bank and burnt up a jeep for a good deal. Truth is I am currently in a chapter 7 bankruptcy, I was in the army and got out to be home with my family, I was unemployed due to a job that fell through, my ex wife had racked up a mountain of debt that I could no longer keep my head above water with. I included my jeep in my chapter 7 and therefore the bank is coming to get the jeep. Luckily i landed a good job recently and called the bank to try and save my jeep and they told me that I could make a buyout offer on it instead of it being picked up by them. Since my bankruptcy is now discharged there is no going back to just making payments on it. I have the option of either letting them come get it or offering them a price that is more appealing to them than what they will get at auction. I did buy a 700 dollar 1991 jeep cherokee a few months ago when i thought I was for sure going to be without my wrangler any day. So I already have a backup vehicle. Sorry for the confusion and that I excluded the details about the financial part, didnt really wanna blast something on a public site I was already kind of humiliated about, but I dont want everyone thinking Im coming up with crazy stories as well. Thanks to all the responses though. Ill respond to any advice Im just not at home much to be quick about it. Hope everyone has a great night.
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Old 12-18-2013, 09:32 PM   #24
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Completely understood. The only thing i can say is DON'T feel sorry for the banks, cause trust me if they can screw you over THEY WILL. Look at this way, as much as things look down, they wont look down forever. Thanks for serving and for explaining a few things. May things continue to look up.
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Old 12-18-2013, 09:34 PM   #25
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Thanks Ivan! sorry i kinda left you guys in the dark about what was going on. I have high hopes things will get better
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Old 12-18-2013, 10:23 PM   #26
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Since catching up on payments isn't on option, offer them a lowball price. Banks will surprise you sometimes. They aren't car dealers or realtors and will take lowball offers sometimes. I offered them 50% of what they were asking for a repossessed house and they took the deal before I could blink. Just remember that the engine repair isn't going to be cheap.
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Old 12-18-2013, 10:32 PM   #27
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If it is at the point they are coming for it, your credit is already screwed, let them have it. Get your finances squared away and buy an differnt one cash.
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Old 12-19-2013, 12:24 AM   #28
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Since you are out of Chapter 7 BK, it's all over now. Let the bank keep the Wrangler and take the money you would have spent on repairing it and bank it away for the future. With children, it is your only responsible option.
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Old 12-19-2013, 01:26 AM   #29
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Knowing how bankrupcy used to work, I'm not sure what you are looking at now. I know laws have changed. It used to be that once it was discharged, your credit took the hit right away, but you were debt free for what was in bankrupcy. People would get credit card and finance offers within months - because they had no debt, and couldn't file again for years, they were now low risk since they couldn't dump another bunkrupcy on the new loans. Like I said, not sure how it is now.

The reason I mention this is because you may be better off saving up some money for a few months now and then financing a nice, well kept, TJ or JK that doesn't need work. I know you have feelings for this Jeep, but knowing how engines go, and the age, and the condition you mentioned, you may be better off financing a 15k Jeep with no issues.

This depends how much you can buy it back for too. If you can offer 3k and get it, great, but now what will you do with it? The engine is going to be a few grand for sure, even with a used swap, unless you get lucky enough to pull an engine from a junk yard and swap it yourself. You don't want to let it sit too long either, more problems will come up with things rotting away.

What I like seeing is you posted about the 1991 Cherokee. You already have it, I assume it runs ok too? Why not spend some family time, less money, and build that one for awhile? I have seen some nice Cherokees out there and they are pretty tough too. You could spend a year saving and doing a light build on the Cherokee and then deciding what to do long term. Less financial pressure, more fun? maybe?
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Old 12-19-2013, 01:49 AM   #30
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Let it go. Find a relative that will cosign on a new vehicle lease for less than $200 a month i.e. Altima, passat, outlander sport, jetta, legacy, accord, Camry, fusion, corolla... Build up credit in mean time.

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