2006-10-29 12:09:20 · 8 answers · asked by Christian C 1 in Cars & Transportation ➔ Buying & Selling
call your loan company and tell them you want to give the car back voluntarily, it will show up on your credit report as a repo . but it will as say it was voluntarily given back, if you still owe 20,000 on your loan and when it goes to an auction and it only sells for 12,000 you still have to pay back the difference of 8,000
2006-10-29 12:26:43 · answer #1 · answered by someone_you_wish_you_knew 3 · 0⤊ 0⤋
This isn't Sears, toots. The car dealer doesn't give one rats-a** if you can't afford the car you purchased and will not 'take it back'. If you surrender the vehicle as a repo it will trash your credit (which could be a good thing for you) and you will be expected to pay the difference for what the car sells for at auction and what you owe, which could be thousands of dollars. This money will NOT be expected to be made in monthly payments. They will sue you and a judge will order you to pay in FULL.
So, how was the whole car buying experience for you so far...?
2006-10-29 13:24:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋
All the answers were correct, BUT you will be charged the difference between what the car sells for and what you owe on it. (and they nearly always wholesale it). the bank/finance company will hound you for the debt just like you didn't pay a credit card debt or any other debt, and it will be on your credit report. Even if someone takes over the payments and defaults, you will be responsible for the debt.
2006-10-29 12:23:46 · answer #3 · answered by dulcrayon 6 · 0⤊ 0⤋
Call the finance company and tell them you would like to do a voluntary repossession. It's just that easy but will be reported as a repo on your credit report. Thats not the end of the world though.
2006-10-29 12:15:11 · answer #4 · answered by Craig 3 · 0⤊ 0⤋
If you bought the car you can not return it whether you financed it or not. However, the dealer might buy it back.
2006-10-29 12:18:24 · answer #5 · answered by David H 1 · 0⤊ 0⤋
Take it to the lender and surrenderit but make sure you get a receipt! All the rest will come by mail I'm sure of that!
2006-10-29 12:12:07 · answer #6 · answered by Anonymous · 0⤊ 0⤋
There is an automatic method now. Stop making the payments.
2006-10-29 12:22:06 · answer #7 · answered by Anonymous · 2⤊ 0⤋
Just take it back and give them the keys.
2006-11-01 13:45:36 · answer #8 · answered by George K 6 · 0⤊ 0⤋