i just bought it about 5 moths ago and i can't make payments on it is it possible to return it, and is yes how would i go from there? I'm already late on my payment as it is would i get penalized? oh and if i owe any thing would my payment be the same or would i be able to work a payment plan with them ?
2006-11-17 02:57:20 · 11 answers · asked by scadandi 1 in Cars & Transportation ➔ Buying & Selling
yes it is possible to do this,an you might not get a penalty charge for it,you can do what is called d a voluntary repossession an this way they wont have to take it,,and what they,ll do is sell it and pay off the loan you owe on it,usually the car will bring enough to pay off what you owe,and in some cases if it don't they might hold you responsible for the difference in the loan amount,or you can try to sell it before the next payment comes due,just sell it as, need someone to take over payments on it,and this will help save your credit,there's a lot of ways to do this ,and it not hurt your credit none,but just think about which method you need to use,,in sure you,ll think of a good way to handle this situation,,good luck,i hope this help,s.and have a good thanksgiving.
2006-11-17 03:12:56 · answer #1 · answered by dodge man 7 · 0⤊ 2⤋
If you return a car prior to the loan being paid off, you will be penalized. What happens is the car is then resold to a new purchaser. What ever the new person pays for it, and the amount of your loan, the difference will be put against your credit. Say you purchased this car for $20,000. Its new. The minute it rolls off the sales lot, it is now worth $15,000. You turn the car back over as you can not afford it, and the bank resells your car to another customer. The customer purchases your old car for $13,000. The difference between $20,000 and $13,000 is what is left ($7,000), which you will still owe on. If you dont pay that amount, it is put against your credit.
Now, another thing to remember, even if you give the car back, your credit report will show a deliquancy, and a reposession. Yes, you gave the car back, but it will only show a reposession, not an "owner turn in". Reposessions will disqualify you from getting another car in the future, or atleast with a good APR. Where you may be paying 7% right now, the next time you purchase, it can go as high as 21%.
Call the loan holder, work out payment plans. Get back on your feet. Yes, you will have late pays, but its better than a reposession.
2006-11-17 03:13:53 · answer #2 · answered by Anonymous · 1⤊ 0⤋
You can not "return the car". You can allow them to repossess it. If the car is repossessed, either a voluntary or involuntary repossession, under a normal finance contract, the car will be sold and the proceeds will be applied to your account. If you bought the car from a buy here - pay here dealer, you may have signed a conditional sales contract, and you would be liable for the whole balance, even after repossession.
If you owe more than the car sells for (after deduction all repossession storage and sales costs) you will most likely be sued for the difference. They will garnishee your wages, and any bank accounts that you have.
It is going to be much better for you if you can find a way to pay for the car. Contact the finance company and see if they can help. You may have to take a job, or two, that you really do not like, until you find something better. Allowing the car to go back will cost you more in the long run, and will RUIN your credit for at least 7 years!
2006-11-17 03:09:44 · answer #3 · answered by fire4511 7 · 1⤊ 0⤋
you can try to SELL the car and pay off the loan with the money from selling the car (if you own the car). It might not be enough.
You can try to get the dealership to take the car back, but it won't be worth as much as you paid, and probably not as much as you owe. But it's best to do it NOW before the car gets repossessed because that will hurt your credit record even more. If you don't feel capable of selling the car for cash, take it back to the dealership, explain the situation and ask them to offer ideas.
Think about it, if you end up owing $1000 without the car it is better than owing $7000 and getting the car repossessed.
I don't know who actually gave you the loan. If the loan entity is different than the car dealership you might have a different situation. You will get penalized on your credit report for not paying your bills on time or not paying them at all. Get out of this situation as soon as you can. Selling the car for cash is the best iidea then pay off the loan, as much of it as you can then try to refinance what remains so you can afford the payments.
I know it seems unfair to pay for a car you don't have, but that is what you will have to do.
2006-11-17 03:12:10 · answer #4 · answered by Sufi 7 · 0⤊ 0⤋
i do not keep in mind that you'll. a sparkling motor vehicle depreciates quickly once pushed off the lot. you isn't waiting to take it back to them and get what you owe on the non-public loan, for this reason rendering it even steven so that you do not owe any money. the perfect project you may do is lose the concepts-set that they'll screw you and call up the non-public loan officer and clarify your project. it would nicely be plausible that they could temorarily decrease your funds or positioned them on carry, yet they might nonetheless can charge the pastime for that era of time and it will be further to the most of the non-public loan. you gained't get reliable outcomes with this in case you keep your concepts-set in spite of the actuality that because the guy will experience it and get thier back up and be lots a lot less probable to need that could also help you.
2016-11-25 00:30:07 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Be very careful . . . if you choose a voluntary surrender of the vehicle, then it will still go on your credit report as a repossession and you will still be responsible for paying the difference on the vehicle after the lien holder sells it. You would be better off to either contact the lien holder and see if you can make payment arrangements or trying to sell it and hoping to make enough to pay the loan in full.
Good luck!
2006-11-17 03:12:44 · answer #6 · answered by Angie P. 6 · 1⤊ 0⤋
Why not simply get another job?
Call your finance company and let them know the situation. They can take your current payment and put it to the end of the loan, and give a couple months of repreave.
2006-11-17 06:11:04 · answer #7 · answered by Manny 6 · 0⤊ 0⤋
Yes, put an ad in the paper (sell it) for someone to take over payments. Tell your friends and family also to ask around. If it's still in great shape, you should have no problem selling it.
2006-11-17 03:10:18 · answer #8 · answered by Anonymous · 0⤊ 0⤋
It would go heavily against you credit rating. If you could sell it for just the payoff, it wouldn't hurt you.
To have it repossessed, just call or write the company that you make your payment to. They'll tell you what you need to know.
2006-11-17 03:07:42 · answer #9 · answered by Anonymous · 0⤊ 0⤋
You're in a right pickle, i suggest you sell it or summin, and pay the money it doesnt make from selling it with a loan that you can pay bit by bit, look for a low interest rate, as this is real important.
2006-11-17 03:05:26 · answer #10 · answered by ricerfuel 3 · 1⤊ 0⤋