I live in ms, just purchased a new car but i no longer want to keep the car what do you suggest i do?HELP!!!!

Question

The loan was given through a finance company not the dealer ...will someone please tell me what to do.

Answer 1

It depends on the current value of the car and the balance you owe on the loan. In most cases if this is a new loan the loan balance is going to be much higher than the car value.

1. You can just turn the car in and walk away. But this is still considered a repo. It is not as bad as a repo for non-payment but it is still bad. They will then sell it for much less it is worth and you will still have to come up with the difference.

2. Sell the car yourself. You still won't get the entire amount but you will get more than if you let them sell it. You will still need to come up with the difference to pay off the loan or the new owner will not be able to get the title to the car.

3. See if you can get a buyer who is willing to continue payments to the loan. If so check with the lender to see if they can get approved for a loan. If they are, your loan will be paid off and the new owner will take over the payments from a new loan.

4. The most risky but if it works will come out the most benifical. You could have someone take over your payments for you. However, for this you have to be sure you have a contract written up that spells out the payments and any penalties if they are late. It would be best to consult a laywer for this to make sure you cover all of the bases. Then at the end of the loan you agree to hand over the title to the new person. The only thing you have to be sure is that they pay you and you pay the loan company. If the person stops paying on the loan you need to keep making the payments in order to not destroy your credit. But if the person does continue to pay on the loan they are improving your history at the same time.

Answer 2

The minute you drove the car off the dealers lot, you own it.

Unless it's a new car and you can prove it's a lemon, you are stuck with the loan.

There are several things you can do, but they have already been explained by other people.

The one thing you want to avoid at all cost is returning the car. It will show as a voluntary repo. on your credit for 7-years after the date it was last reported and you will not only have ruined your credit but you will be stuck with still having to pay for the car one way or another and not have the use of it.

I work for a car dealer and we go through this every month. Believe me you will not get out of paying for this vehicle.

Answer 3

Approach your finance company and negotiate a new loan to buy another car or pay out the loan and then sell the car. Either way it means you have probably lost 20-30% of the value of the car.

Answer 4

Unless the car is a lemon, there isn't much you can do without it coming back to bite you.

If you return the vehicle it would be considered a repo. After the repo sale of the vehicle and all of the fees involved, you would probably be on the hook for what you currently owe, if not more - and you won't even have the car to show for it. Plus, your credit would be ruined for quite a few years.

If you sell the vehicle yourself, you probably won't get out of it what you owe and will have to pay the lender the difference.
Which if it comes down to letting them repo it or selling it and making up the difference out of your pocket - out of the two choices - selling it yourself is the best option.

Of course the best choice would be to keep the vehicle and make the payments on time.

Answer 5

contact the dealer and see if there is a return policy. Some dealers have a customer satisfaction policy.

If they do you may be able to undo the financing deal , but expect some service charges and penalties.

If not then you own the car.

you may want to speak to a lawyer.

Answer 6

If you drove it off the lot. you own it.

Answer 7

How long ago is "just"?