I bought a new truck a year age. if i cant make the payments on it, can i turn it in?

Answer 1

I don't think a dealership will outright pay you for your vehicle if your not trading it in for another one.

You might be better off trying to sell it outright. Because of the initial huge depreciation immediately after you drive it off the lot, you might not be able to get what you still owe and end up still owing the finance company.

At least you can get out of high monthly payments and start lower payments on an older car.

Answer 2

How plenty is it well worth at this element, and how plenty do you nevertheless owe on it? often you would be the different way up in purely a 12 months, and owe greater desirable than the motor vehicle is well worth, so it is going to likely be annoying to hit upon a prepared customer that could pay it off for you. you do no longer opt for to teach it in, even a so spoke of as 'voluntary repossession' exhibits up on your credit document as a repossession. you would be able to desire to, assuming you have stellar credit, discover somebody prepared to refinance which might value you greater contained in the long-term, yet you will have decrease money perhaps. the different option is a wealthy relative that could pay it off for you and assist you pay them back.

Answer 3

Only your car dealer can tell you this. I know for certain, that there are certain time limits of re-purchasing the car back. You might have to take quite some loss on your deal. Be honest , go back to your car seller. He/she might can work something out with you. Good luck.

Answer 4

it's called voluntary repo and which ever company you went thru to get it will run it thru auction. whatever amount of money they get out of it there will come off of what you owed, but you will have to pay the balance of what is left after the auction.

Answer 5

your best bet is to find someone to take up the payments!!

Answer 6

Yes, but it will affect your credit. Good luck !

Answer 7

Turn it into what...???