Is there a legal way I can get the Bank or the Car Dealership to take back my car? I am going through alot of stuff right now and just can't afford my car anymore. I will take a loss, anything. I just cant afford it. I just need it to be gone. I don't want it to ruin my credit or anything because I can't afford it any longer.
2006-09-18 07:14:34 · 13 answers · asked by mizuhri 2 in Cars & Transportation ➔ Buying & Selling
I can't sell it because I owe about $5,000 more then it is worth.
2006-09-18 07:19:03 · update #1
If I could afford to pay the difference then I wouldn't need to sell it. =(
2006-09-18 07:19:51 · update #2
Bankrupcy would be your only option. But then again, if you can afford to file, then you'd have the dough to pay it down. Get a second or a third job to pay for it.
2006-09-18 09:51:06 · answer #1 · answered by Manny 6 · 0⤊ 0⤋
Declare bankruptcy.
This is one of life's little lessons. You should not over extend yourself. I understand that you have unexpected issues that have come up, but that does not relieve you of your obligations. You will have to take a hit somewhere, either in the loss of cash in the sale, or in the credit by bankruptcy. Even if they repossess the car, they will still obligate you for the difference. You might be able to get someone to buy it by taking over the payments, but it will be hard to find someone who can afford the payments that cannot afford a down payment. Also, if they miss a payment, it still comes back on you.
Wish I had better news.
2006-09-18 07:26:28 · answer #2 · answered by wizard8100@sbcglobal.net 5 · 0⤊ 0⤋
I got so tired of the lemon the dealer stuck me with in 2002 that I went and got a more reliable car. The reliable car is way less interest and payment per month. The old car has a balance of $6,000. I have been offered $5,000, which is more than its worth but the credit company wont take ANY less. Ive paid $21,000 for a $12,000 car in four years (interest, principal). Its left me stranded b4 and its a lemon. I would rather take a credit hit and explain later that I was sold a lemon and have it removed from my credit report
2006-09-18 07:26:09 · answer #3 · answered by Cinnamon girl 3 · 0⤊ 0⤋
Well, if you're upside down (you owe more than it's worth) then turning it back in to your lean holder will probably effect your credit. But if it's worth more than you owe, then take out an ad and sell it. Either way, contact your creditor and find out what the payoff is and tell them your predicament to see if they are willing to help you out in any way. They might let you slide on a payment or two while you're trying to sell it, because realistically, they would rather not reposess it because then they will incur costs themselves in trying to sell it. If you've paid on time up till now they should be happy to work with you.
2006-09-18 07:23:39 · answer #4 · answered by astrosfan57 2 · 0⤊ 0⤋
You're going to get stuck with the $5,000 difference no matter what you do. Even if you give it back to the bank, they will only sell it and apply that amount to your loan. Your best bet is to sell it yourself and suck up the loss.
2006-09-18 07:23:25 · answer #5 · answered by Kutekymmee 6 · 0⤊ 0⤋
you can do a voluntary repossession but it still will look bad but not as bad as a bankruptcy...
trade it in for another car get a lesser payment(good for credit but will not eliminate note)
get someone to take over payment (hassle)
or you can see about refinancing it and getting a lower payment (will be OK on credit but make you further upside down)
or hope it gets stolen and you have gap insurance and it covers the note..
2006-09-18 07:39:36 · answer #6 · answered by turner32542 3 · 0⤊ 0⤋
You may want to sell the car. Ask a reasonable price for it, and you should make out pretty even. Hopefully thhings will work out for you!
2006-09-18 07:18:49 · answer #7 · answered by Rebecca C 2 · 0⤊ 0⤋
Yes call your bank and tell them that you would like a voluntary reposession done on your vehicle. It still looks bad on your credit though
2006-09-18 07:31:00 · answer #8 · answered by Dodge_Tech 2 · 0⤊ 0⤋
Go to the dealer and thye will buy it back. 'you will take a hit though and wll have to pay thedifferenece.
you could also declare bacnkrucy, but thats a lot of work
2006-09-18 07:18:09 · answer #9 · answered by billyandgaby 7 · 0⤊ 0⤋
Why don't you sell it or get someone to take over the payments?
2006-09-18 07:16:04 · answer #10 · answered by Anonymous · 1⤊ 0⤋