please help me i dont know what to do?

Question

Imin a dificult situation, i got the as a gift for my daughter,ipaid the downpayment and the insurance but she pays the monthly now she left the house and is not coming back i cant afford to pay two cars should i just return it to the dealership? or sell it i dont know please help

Answer 1

sell it for what its worth and use that money to help yourself out on your payment or treat yourself to something nice

Answer 2

Depending on the details, you might be in bit of a bind here.

If you sell the car, you still owe what ever is due on the car loan...if you don't cover that in the sale, you're going to have to make up the difference. A similar situation is going to apply if you take the car back to the dealer.

Where the trouble comes in is with how the car was financed, maybe. If this was a long loan, or with a small downpayment, it seems quite likely that you OWE significantly more now than the car is worth.

Allowing the car to be repossessed isn't any better, you'll still owe the shortfall and that'll be really bad for the credit of whoever has thier name on the car loan.

Answer 3

You could always call the dealership and see what they suggest. If you return the vehicle to the dealership it will be considered on your credit as a negative thing and be posted as a repossesion. You could sell the vehicle but you may not get the full amount left to pay the vehicle off, you have nothing to lose trying though. Dealership prices are usually higher that person to person sales.
I'm sorry to hear that about your daughter and I wish you the best of luck.

Answer 4

Did she leave the car with you? If she did sell it. I doubt you can "return" it but you can probably sell it right away. They (the dealer) might even sell it for you. If not try a park-n-sell lot in your area.
Failing everything else, trade her car and yours in on a new one. You will end up with a new car and you can finance anything you owe with the new one. You still pay but you can manage it better.
I had a car I just could not sell a few years ago and I was absolutely stuck. I ended up trading it and my other vehicle in an a brand new one. It worked great. It still cost me a bundle to payoff the difference I owed on the car because I hadn't owned it long enough to build any equity in it. But it worked.

Sorry about her leaving. Raising kids is tough, huh?

Answer 5

So sorry about the situation with your daughter. Depending on how long you've had the car, you could return it to the dealership and explain the situation. They might return a pro-rated amout on the car... less its 'used car' value.
Otherwise you could just sell the car outright yourself. If the car is still in your name, letting it be repossessed could cost you some good marks in your credit rating.
Or.... tough love. Transfer the car title to her name... then allow it to be repossessed.

Answer 6

Is it possible for you to discuss this with your daughter. I would imagine she would still need to have a car and if she works she may as well continue paying these monthly payments vs. going out and getting another car. If this isn't possible and the car is titled in your name, sell it,, but let your daughter know about it, if at all possible.

Answer 7

Honey, this ain't Wal-mart; you simply do not return a car you can't afford. It is exactly the same thing as a repo and will trash your credit for years. You will be money ahead to simply fire-sale the car, borrow the difference before your credit tanks and pay it off. Lesson learned.

Answer 8

Sell it you can always ask for more money then it is worth

Answer 9

sell it out right you will get more money for it that way