They will send the vehicle to auction, and your parents will get a bill for the difference between what they owed and what the car brought at auction. Since it needs a new engine, it won't sell for much. Add on repo and other fees, and that bill is going to be huge. If they cannot pay it, they'll get sued. They will lose. Depending on what state they live in, the court can order wages to be garnished to satisfy the judgment.
So, when they're done, they have a repo, a judgment, and a huge bill.
You can TRY to sell it, but keep in mind the issues will mean getting a low figure from a dealer. Not sure what they owe on it, but if there is a difference between the figure quoted by the dealer and what they owe, they need to come up with that difference in cash in order to make this happen. This goes for selling it privately as well.
Sadly, they'll probably just need to park it until it's paid off. What a shame, as it's only 4 years old.
In addition to the excellent answer given by ElGrande your parents credit will be ruined for 7 years if you have the car repossessed. Tell your parents to contact your local Auto Salvage Yard and look for a used engine for this car and stay away from Goodyear. Find a trusted independent mechanic in your area to install the used engine you will find.
14,000 dollars for an engine?????
Is that thing gold plated or what?
You better find a local mechanic who can do the job for much less than HALF that much. He'll put in a rebuilt for a few thousand.
Smash into something hard enough to total it problem solved.
push it off the grand canyon
Check the automotive "Lemon Law" in your state.
My parents bought a 2010 Nissan Armada used with about 35k miles in 2011. The car has had its ups and downs, including a flat tire a month after it was bought, an oil leak about 2 years into owning it, and then it started making a weird noise which had to do with the plugs under the vehicle that ended up costing us $700. On our way to Florida from Tennessee on vacation, our car experienced the same weird noise and we had to pull over to figure out if it was safe to continue the trip or not. We called 2 mechanics in the middle of Alabama and they changed the plugs under the vehicle again and told us that we could drive the car to Florida and back no problem. When we drove to Florida the car got worse to the point where we could only go up to 60mph without it making a weird noise. On our way back home(9 hour drive) by the time we were 30 minutes out from home the car could only go 45mph max on the interstate. Long story short, we took it to Goodyear who did the $700 repair, they directed us to a Nissan, and we now need a new engine that costs up to $14,000. Should we give the car back to the bank, try to see if a dealer would be willing to buy it, or is there something else we can do?
