The thing is that with that price i could get a luxury used car.
I just want to get rid of it, i don want to pay anymore payments.
what can i do?
2006-07-19 13:46:10 · 7 answers · asked by carlover 2 in Business & Finance ➔ Credit
Sell it on your own and pay off the balance of the loan, but do not start missing payments.
Some dealerships do these deals where they pay off your loan when you trade, but if you are "upside down" in it, they will add the difference to your new loan. For example let's say you owe $30,000 and they offer you $26,000 on your trade-in and you buy a $20,000 car. You will walk away with a $20,000 car and a $24,000 loan so you'll start off "upside down".
2006-07-19 14:29:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes you can return a car - BUT it would be considered a voluntary repo. It will have a negative effect on your reports, but that will be the least of your problems.
They will turn around and sell the car for roughly 50% to 60% of what it is worth. Not what you owe - what it is worth. If you have had the car for 6 months, chances are very good that it is worth less than what you owe.
Then - they will come after you for the deficiency and the repo fees. The fees alone could add up to 1 or 2 grand.
So, you may be looking at having to pay somewhere around $16,000 or $17,000 (more or less) for a vehicle that you would no longer own. And, for that amount, they probably will sue to get it.
You would be far better off discussing this with the lender. Tell them that you are thinking of selling and what they require. Then sell the car.
You may have to take a couple thousand loss, which you will probably have to pay to the lender at the same time you turn the sale money over to them.
So, either keep the car, trade if if you can, sell the car or let them repo and pay for roughly half of a car you no longer have. If you do go ahead and voluntarily turn the car in - DO NOT sign anything. You may sign away any rights you have.
I'm including a link to a write up of what to expect with repo's. Even though it is from the Illinois Legal Aid, the basics of the write up are the same no matter what state you are in.
2006-07-19 15:35:19 · answer #2 · answered by echo 7 · 0⤊ 0⤋
Short answer is, No.
This is definately going to hurt your credit. You should sell it at a loss to get out from under this. Many people are afraid to sell it at a loss but you have already lost so much and every payment you make you are losing more and more.
Get rid of it!
2006-07-19 14:14:19 · answer #3 · answered by Mrs. Mad Maddy 4 · 0⤊ 0⤋
No. Anyway you look at it you're in trouble. You shouldn't have bought it if you weren't going to keep it!
Try to sell it to a dealer or trade it on something else.
2006-07-19 13:49:57 · answer #4 · answered by svetlana 3 · 0⤊ 0⤋
Sell it and take the loss since you are probably upsidedown
2006-07-19 13:49:09 · answer #5 · answered by Anonymous · 0⤊ 0⤋
you can take it to the dealership and ask them to buy it back
then you would have to pay off your loan with the money
2006-07-19 18:21:10 · answer #6 · answered by Anonymous · 0⤊ 0⤋
no
2006-07-19 14:36:55 · answer #7 · answered by Anonymous · 0⤊ 0⤋