How do I give the truck back without a negative impact to my credit?

Question

I have attempted to sell and or refinance but the loan is so upside down that no one can wants to make the payments or buy it from me.What can I do?

Answer 1

pay your payments and wait until someone wants to buy it

Answer 2

There's no good way out. If the truck is running OK, then you don't have any "lemon law" issues, which would normally unwind the whole deal.

You made a mistake in buying a new car before you could really afford it. Be stuck with it, pay the loan off, then be more careful next time. And take good care of the truck - oil changes, etc. If you run it into the ground too soon then you won't have a car, but you'll still have the payments!

Answer 3

If you give the truck back - no matter what it will have a negative impact on your credit. If you can't afford the truck, go to Kelly Blue Book and find out what you can sell it for - put the truck up for sale and try to get as close to that amount as possible - (start higher in case they try to bargain down). Then get a personal loan for the difference. At least you won't have the truck or the big payment and chalk it up to a lesson learned.

Answer 4

Try calling the dealership where you bought it (if you're making direct payments), and explain that you just can't make the payments and have tried to refinance to no avail. So you'd like to return the truck and ask that the loan be forgiven.

What have you got to lose?

Besides, it never hurts to ask and they may go for it because they can make money off of it again when they resell it.

Good luck! :)

Answer 5

you can negotiate a deal with the company and depending how long you had the truck you may not need to strike a deal simply return and say buyers remorse but that only works anywhere from 3 days to 30 days depending on the state. several states have little known laws on there books how to break an auto loan agreement without negitive impact on you.
If you owe theres several options to get out from under it
Give more details that would be helpfull the situation depends on the course of action

Answer 6

I'm not sure how it shows up on your credit, and I'm sure that all banks are different, but I had to do what my credit union called a 'voluntary repo' a few years ago, and as long as I still paid the remaining balance on the loan after the value of the car was assessed, it still showed up as a paid debt after I was through paying it off.

Answer 7

If you give the truck back, you still owe the difference between the current value of the truck and the ballance on the loan. Unless you are a candidate for bankruptcy, you are probably beter off keeping the truck and paying it off.

Answer 8

The only thing you can do is pay it off. If it gets reposessed your credit will suffer for a long time. Giving it back has about the same effect as reposessing it. You will stil be responsible for any remainder that the bank can't get out of the truck if they sell it at auction.

Answer 9

You need to pay for it no matter what you do: keep it or give it back. You could contact an attorney if there is some problem with the truck and see if the "lemon law" applies.

Answer 10

Be grown up and pay off the friggin loan. That'll improve your credit rating. Period. It's called paying your debts. You'll be a wiser shopper next time. AND you'll have a better loan rate.

Answer 11

I don't see how you can. If you want to save your credit, you have to pay it off. But if you absolutely must, it's probably better to give it back than have them chase it down. Incurring a repo fee will look even worse on your credit report than giving it back.