2006-08-01 22:55:03 · 11 answers · asked by Tomy 2 in Business & Finance ➔ Personal Finance
Yes. as soon as the car is paid for by the lender it is now the banks car-- nothing to do with the dealer.
2006-08-01 22:57:19 · answer #1 · answered by Anonymous · 0⤊ 0⤋
YES - if you have actually driven the car off the dealer's lot - even one inch -- this would be a repossession. This would be a bad credit mark against you. The bank would take possession of the car, ultimately they would sell it, if they don't get enough from the sale to cover their investment in the car - you Will still owe the difference. So to have a repossession on record and still have the potential to owe hundreds or thousands of dollars - this is not a good plan.
A better plan is to find another buyer who is willing to buy the car from you - often this works well if the other person is willing to take over your payments. If your buyer is not a great credit risk - the bank will go for this plan as well. (If the other person is a credit risk - you can still do it, but you may remain liable if they don't pay).
If you have not actually taken possession of the car from your dealer - the procedure should be specified in the small print on your sale contract. read it. you MIGHT (i'm not sure) be able to call the bank and ask them not to approve the financing.
2006-08-01 23:27:54 · answer #2 · answered by me 7 · 0⤊ 0⤋
it wouldn't go back to the dealer. It would go to the bank unless it is a lease. But you need to do a voluntary repossesion. You will still have fees but you won't pay as much as if you still have the car. It is better to try to sell the car yourself and then get a loan for the difference. If it goes to repo then they sell it cheaper and you have to pay the difference. Next time pay for a car in cash and you can avoid all that hassel.
2006-08-02 02:18:13 · answer #3 · answered by dutchfam7 4 · 0⤊ 0⤋
Good luck on that one, I did it but they didn't take the car back so i stop paying them so they came and got it , i Pay 8000$ on the car they sold it for 8000$ , they say i own them 9000$ the car was 15000$ i had a Act. they made 7000$ on the car
2006-08-01 23:04:45 · answer #4 · answered by powernewfie 4 · 0⤊ 0⤋
THIS IS WHAT THAY CALL A VOLUNTARY REPO, YOU WILL STILL HAVE TO PAY FOR THE CAR AND SUFFER THE DAMAGE IT WILL CAUSE ON YOUR CREDIT REPORT FOR UP TO SEVEN YEARS AFTER THE FACT,, THE BEST THING TO DO IS CONTINUE MAKING THE PAYMENTS AND FIND SOMEONE THAT CAN TAKE OVER THE PAYMENTS AND GET THE LOAN PUT IN THEIR NAME AND 'OUT ' OF YOURS... OR SELL THE CAR FOR THE BAL YOU OWE ON IT AND PAY IT OFF IN FULL, (THIS WILL SAVE YOUR CREDIT IF IT IS NOT ALREADY RUINED BECAUSE OF THIS ) GOOD LUCK TO YOU !
2006-08-01 23:15:08 · answer #5 · answered by GO AHEAD 2 · 0⤊ 0⤋
Give it to the bank. But when you do you are going to be charged. You will have to pay wither the remainder of what you owe or the difference of what they sell it for at the auto auction and what you owe today.
This is going to impact your credit badly no matter what you do. So think it through.
2006-08-01 23:05:18 · answer #6 · answered by Jon H 5 · 0⤊ 0⤋
Good luck....
I never thought you can just say I dont want to pay on this anymore. I am guessing there is going to be a penalty that you are going to have to pay for them to file all the paper work and then backing out.
2006-08-01 22:59:43 · answer #7 · answered by JB 4 · 0⤊ 0⤋
that would be the next step. While you may be allowed to return the car, you can still be liable for the outstanding balance.
2006-08-01 23:00:24 · answer #8 · answered by Chief BaggageSmasher 7 · 0⤊ 0⤋
It depends on how long you have had the car.
2006-08-01 23:03:12 · answer #9 · answered by JAYNE C 4 · 0⤊ 0⤋
why cant you get out of your car? is the door jamed?
2006-08-01 22:58:46 · answer #10 · answered by glock509 6 · 0⤊ 0⤋