how much they'll get for it??and how much would i have to give back to them? i'll appreciate any help
thank you.
2007-02-13 15:57:36 · 7 answers · asked by clevensbartley 2 in Cars & Transportation ➔ Buying & Selling
i need to pay my school and can't afford it,i'm paying 372 dollar for the car for six years and plus 170/$ a month so i really can't afford it that's the reason i'm giving it back .
2007-02-13 16:03:58 · update #1
You can't just let it go back to the dealer without paying the difference between what you owe and what it is now worth wholesale.. See Edmond's or Kelley blue book.. It will be a lot of money and if you don't pay it you will hurt your credit. If you can't afford the payments, try to find someone with good credit that will buy the car by just assuming your loan or making one of their own to pay off yours.. good luck.
2007-02-13 16:07:22 · answer #1 · answered by the_buccaru 5 · 0⤊ 0⤋
umm you are outta luck, they will nottake it back (I used to be a sales manager at a dealership) The best thing that you could do is try to sell it on your on, or you can try to trade it in with the dealership who sold it to you and see if you can get into a car that will get you a cheaper payment. I am sorry but those are really your only options (well you could always buy gap insurace and then total your vehicle) but that is not the recomended path, but it has been done. Good luck with this whole situation friend I wish you the best. Under no circumstance should youhave a voluntary repo, because if you do that then you will not be able to finance another vehicle for a couple of years. Which means that you would be out of your transportation, and plus to if you do that then you would still have to pay back the remaining balance from what you owe minus what they sale it for.
2007-02-14 00:07:52 · answer #2 · answered by Envy 2 · 0⤊ 0⤋
I hate to say it, but you are kinda stuck on this one. The trade in or resale is nowhere near what you owe on it. The dealer will not take it back, they do not want it.
You may be able to refinance and get a lower rate. You can also raise your insurance deductibles to $1000 if the bank allows it. I would also get gap insurance from the bank. If you total it in an accident, you will not get what owe for it without gap insurance. I realize that the gap insurance my cost a few hundred, but will protect you financially as long as you have this car.
Any type of repo or default will ruin your credit for at least 7 years. That means you will have a tough time buying another car or a home.
2007-02-14 19:04:09 · answer #3 · answered by XUSAAAgent 5 · 0⤊ 0⤋
You were going to pay almost 27,000 for a neon? Even if you do get them to take it back. It looks like your going to lose big time no matter what you do. You should have thought about it more before you signed the paperwork. Live and learn.
2007-02-14 00:34:44 · answer #4 · answered by Anonymous · 0⤊ 0⤋
i own a shop,and you can do a voluntary repossession ,but it will still go against your credit either way you go about it,my question is why do you want rid of it,if there's nothing wrong with it,and you can pay for it,why take a chance on messing your credit up,you may not realize it now but 20 years from now ,when you want good credit and don't have it,you,ll miss it,but you can turn it back in to them,but it will count against you,good luck with it,i hope this help,s.
2007-02-14 00:07:38 · answer #5 · answered by dodge man 7 · 0⤊ 0⤋
you wont get much for it and you will owe more than they sell it for. if you drove it into a river your insurance company will pay for it. a submerged vehicle will always be totaled. :)
2007-02-14 00:07:33 · answer #6 · answered by 26th pirate king 1 · 0⤊ 0⤋
Why do you want to give it back? You just bought it.......what's wrong with it?
2007-02-14 00:00:52 · answer #7 · answered by Jonathan 2 · 0⤊ 0⤋