Should I do a voluntary repossession or fix the car?

Should I do a voluntary repossession or fix the car? - 1

Added (1). I have a 2002 ford ranger that I financed less than a year ago. The engine is dead and the truck has 170,000 miles on it, I still owe credit acceptance 8,000. Should I do a voluntary repossession? Should I try to work out a settlement and buy a new car? Or buy a used engine and keep making payments? The car is worth 4,000 in great condition from blue book.

Added (2). The dealership has offered to fix it for 6,000. That doesn't include the teardown which is already 1,500. I don't know if that is brand new or what, I haven't looked for deals.

Better question in cars and transportation

if they repo your car it will ding your credit and they will come after you for the value of the loan of course you can always try to settle after the dust clears but you need to have cash in hand to settle it how much would it cost to fix the car? Do you have the money to fix the car? I would save up and pay cash for a vehicle next time my friend

Voluntary repossession is a big black mark on your credit rating. The bank doesn't want your broken down car back, and will end up scrapping it and having to write off the debt. This will make if hard to finance another car.

So buying a used engine and keeping up the payments is probably best. Then once you get it paid off, you will have a better credit rating, and it will be easier to get another loan.

Not being negative, but it has to be mentioned, that seems like way, way too much money. And I know you may have been in a bad situation, but I think cash for a $1000 car would have been a better deal.

And I'm not sure about the 4,000 value?
http://columbus.craigslist.org/cto/5426347803.html

Ok on the credit front. What is your current credit score? If it is already low, say less than 600, then I would default and try to work out a settlement. The loan balance is currently 8000, or that would be the total payments with interest if the loan went to full term?
Also I'm assuming you do not have a lot of money since you got into this deal, can you afford to pay the $8000 off and keep this or another car running?
If you do a settlement, make sure to get it in WRITING and keep a copy.

Take that thing someone where else to have a engine put in it 1500 just to tear a engine down this place is a total ripp off run away

Don't ever go anywhere near your dealership again. They ripped you off selling a worn out old heap for at least twice what it should have cost. When you bought it this car was 11 years old. Didn't the price seem too high then?
Your solution is not to pay them 7500 but to go to http://www.cartalk.com/mechanics-files and find a trusted mechanic in your area. Get them to find and fit a good used engine. I would be tempted to see a lawyer too as you have been defrauded badly. Of course you signed up to this but frankly your dealer is a crook.