Couple months ago I financed a 06 Honda for 5 years. I want to know can I return the car back to the back and just pay for whatever the depreciate value? Ex: cost of car: 27K. Back buy back for 25K and I pay the difference.
Are there any ways?
2006-06-06 15:42:46 · 9 answers · asked by alliedbarton2005 1 in Cars & Transportation ➔ Buying & Selling
Can I return it back to the bank??
2006-06-06 15:48:48 · update #1
The reason I am thinking to return the car because I will be in the military in a month and i dont want to make payements
2006-06-06 15:52:30 · update #2
Better to sell the car yourself and pay the loan off. You won't get doodly from the dealer.
2006-06-06 15:47:49 · answer #1 · answered by BobTheBizGuru 4 · 0⤊ 0⤋
No way!! If that's the case you should have just leased the car. If you financed the car for 27K and think they will give you 25K for it now you are crazy. The car depreciates everyday you drive it and put miles on it. Sounds like you should have done better research before buying a car. If you return it to the bank you will have a repo on your credit.Ouch!! And I don't think you will do well selling it outright b/c no one will want to pay such a high price for a used Honda. They could go to the dealership themselves and buy a new one with zero miles and get lots of rebates and such. Good luck to you sucker!!!
2006-06-06 22:50:23 · answer #2 · answered by Brandy S 2 · 0⤊ 0⤋
You generally can not just return it to the bank. You technically own the car, the bank has a lien on the vehicle. Your best bet is to take it to CarMax, they will give you the trade in value (Kelly Blue Book), then take that cash and pay off as much of the car as you can. Then whatever is left over, you will have to pay back to the bank, or open an unsecured personal loan, since it is such a small amount.
2006-06-06 22:51:48 · answer #3 · answered by Jacob W 2 · 0⤊ 0⤋
First of all the bank did not sell you the car, returning it to the bank would only damage your credit. There are options, but the information being provided is to limited to assist. The most a dealer is going to give for that vehicle is the replacement cost at auction. If you wish to explore other options, email me at YourGatePass@yahoo.com Good luck Mark
2006-06-13 21:46:41 · answer #4 · answered by Mark 2 · 0⤊ 0⤋
You could get out of your contract but it will be expensive. Try to find someone to take over payments or just sell the car outright and lat the buyer know whats going on
2006-06-06 22:49:08 · answer #5 · answered by rockydriver22 5 · 0⤊ 0⤋
only way u can do this is with a voluntary repossesion which will slam your credit rating. that car is only going to be worth about 22,000 at this point the bank will sell the car at auction and u will have to pay the difference between what they sold it for and what u owe. - DON"T DO IT
2006-06-13 13:22:52 · answer #6 · answered by Norman 7 · 0⤊ 0⤋
Bank only does the financing and they will not buy back from you.Your best option is to advertised and sell it off and settle the outstanding loan or contra it off and pay all misc.and admin.fees
2006-06-06 22:53:16 · answer #7 · answered by leo 4 · 0⤊ 0⤋
you would have to sell it the dealership wont want it back and the back wont want the hassle. sell it or trade it in for something you really want.
2006-06-06 22:50:21 · answer #8 · answered by Logic 2 · 0⤊ 0⤋
NO NO NO
2006-06-06 23:25:12 · answer #9 · answered by R1volta 6 · 0⤊ 0⤋