I bought this car a year ago... no warranty... lots of mechanical problems.... I want to return this car to the dealer.... thought about selling it and then payoff the debt... but it is going to be though to sell with all the issues... any ideas?
2006-06-13 04:03:34 · 6 answers · asked by siulnamor 2 in Business & Finance ➔ Personal Finance
I'd try to return the car to the dealer
and see with credit services if it hurts my credit
2006-06-13 04:35:06 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you return it either to the bank or the dealer it would be considered a voluntary repossession and it would have a very negative impact on your credit. I am sorry to hear that you are having problems with your used car but that is the risk of buying a USED car. You were thinking in the right direction though-sell it so you can pay off the loan and any balance left, if there is a difference between how much you sell it for and the loan balance. This is the only way in which your credit will not be affected. Another option to consider it trading it for another car, you will still have to pay the value of the loan on the first car, after the trade-in value, but they can roll that amount in your new loan.
2006-06-13 04:42:14 · answer #2 · answered by fasb123r 4 · 0⤊ 0⤋
trade the car go to the selling dealer and talk to the gm tell him the probs. your having and ask 4 help sending it back to the bank will make it very hard to get another car not a good idea
2006-06-13 04:08:15 · answer #3 · answered by mitsfinmgr 1 · 0⤊ 0⤋
It relies upon on the settlement you signed with the broker. Get your reproduction and study it thoroughly (you could desire to have completed this earlier signing). in case you do no longer comprehend what it says, touch your criminal expert. it is going to in all hazard fee you a 0.5 hour of criminal price however the settlement is best to any ideas you've got. in case you probably did no longer sign a settlement (no longer likely), you could return the motor vehicle in view which you probably did no longer legally conform to the acquisition. in case you gave the broker potential of criminal expert to sign for you, you could already very own the motor vehicle at an interest fee greater than what you anticipate. the recommendation on a voluntary repo became undesirable. it is going to a great deal impact your credit and could have an result for 5-7 years. You and your husband could desire to enhance sufficient backbone to stroll far off from extreme rigidity sales pitches. in case you do no longer, your next purchase could be a time proportion which you do no longer decide for.
2016-12-08 08:46:04 · answer #4 · answered by gonzalescordova 3 · 0⤊ 0⤋
You will have trouble getting another loan for another car if you do what you are planning on doing. The bank doesn't want your car, they want the money they lent you to get the car.
2006-06-13 04:06:34 · answer #5 · answered by lynda_is 6 · 0⤊ 0⤋
It will be looked at as a "voluntary repossession"
not good.
2006-06-13 04:07:27 · answer #6 · answered by sam21462 5 · 0⤊ 0⤋