Can I get out of the loan somehow and give up the car?
2006-08-14 08:09:04 · 10 answers · asked by Mama R 5 in Cars & Transportation ➔ Buying & Selling
Try to trade it in for another car.
2006-08-14 08:13:39 · answer #1 · answered by frigon_p 5 · 1⤊ 0⤋
You are not totally screwed, but about as close as you can get. If you got a loan for the whole thing, you are "upside down" already. That means the actual value of the car is less than the amount you owe. You will likely have to take a hit to get out, but if you have enough cash, you can sell the car and pay off the loan. Of course you should know that the lender will not let you sell the car without paying off the loan in full before the title is cleared. What might make this worse is if you trade for another car and increase the size of the loan. That will just make you more upside down. While your mistake is foolish, it is not uncommon. Perhaps you should take a second job to help pay off the loan faster and then you can start over.
2006-08-14 08:26:24 · answer #2 · answered by united9198 7 · 0⤊ 0⤋
That's called buyer's remorse. Every dealer has signs warning you of this very thing. Did you not see it?
You can't legally get out of your contract unless the dealer agrees to let you.... which ain't happening. Unless you live in CA and purchased the 2-day "cooling off" contract in which case you can cancel the contract. If you are interested in trading for a different model from the same dealer, maybe they may work with you... but a refund? No way.
There are also certain makes that give you 30 days to change your mind, like Saturn. I believe Chrysler started doing this too recently. I'm thinking you didn't buy either one of these.
If none of the above applies to you, then you're pretty much stuck with it. You could sell it, but you'll be way upside down. If you stop making payments and it gets repossessed, you'll pay heck of a penalty. The car will be auctioned off at pennies on the dollar and they will go after you for the difference. So if you owe $20,000 and the car is auctioned off for $8000. You will owe the bank $12,000!!!!!!!! So you're actually better off trying to sell it on your own.
I'd just try to find a responsible relative who is looking for a car to take over the payments. You may even want to offer some cash incentive to convince someone to do so... like $1000. It's still way cheaper than selling it or having it repossessed.
2006-08-14 09:14:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Not really. If it goes to reposession, your credit will be trashed and you'll likely be left with a substantial debt that must be paid off immediately.
There is no right of recission on auto sales or loan contracts so there's no way to void the agreement.
You might be able to trade it in, but keep in mind that you'll get nowhere near what you paid for it, and probably a lot less than you owe on it. This will be added to the new loan and significantly increase your payments and leave you even further upside down. If you're way upside down, it may not be even possible to do it since most lenders won't lend more than retail value.
2006-08-14 08:26:38 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
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2016-11-25 00:54:30 · answer #5 · answered by Erika 4 · 0⤊ 0⤋
If you just bought the car (within 15 days or 500 miles typically) you may be able to return it to the dealer and not owe anything. If longer than that...your best bet is to trade it in on another vehicle. You may be 'upside down' on your car though...meaning you owe more than it is worth. That negative equity may be applied to your new loan..GOOD luck...hope this helps.
2006-08-14 08:18:54 · answer #6 · answered by Metbabe 2 · 0⤊ 0⤋
You can trade it and lose a ton money. There is no way out of the loan. NONE. ZERO. ZIP. NADA.
this is why people spend a lot of time researching before they buy a car.
The guy claiming to be an auto dealer is incorrect. YOU CANNOT TAKE THE CAR BACK.
2006-08-14 08:13:50 · answer #7 · answered by Manny 6 · 0⤊ 0⤋
there are some 'loan swapping' websites that mayb help you find someone to take over the loan for you. Or you can sell it to dealers like carmax (in the US). or trade it in for your next car.
Depending on how new it is, you could lose a lot of money.
2006-08-14 08:17:23 · answer #8 · answered by ever_curious 3 · 0⤊ 0⤋
Depends on how long you have had the car and where you live. Where I live you have a month to "roll out" of your loan. They will deduct mileage from what you paid. See if that's something you can do. Good Luck.
2006-08-14 08:17:30 · answer #9 · answered by ~SSIRREN~ 6 · 0⤊ 0⤋
if you sell the car, you can use the money to pay off the loan or buy a different car.
2006-08-14 08:14:18 · answer #10 · answered by HokiePaul 6 · 0⤊ 0⤋