for personal reasons I am not able to pay my car no more, how do I take back. Am I going t have any problem at the time?, (I am no worry about my credit) do I take it to the dealer or the bank? do I need ant type of paper work?
2007-05-24 06:59:13 · 8 answers · asked by 5398 1 in Business & Finance ➔ Other - Business & Finance
Start with the bank; they hold the paper and will determine if it can be done. Note you want to be careful; need to make sure that return of the car will wipe the loan out and you won't get stuck with a deficency balance if the car doens't sell for what you owe. Make sure they return something to you stating the loan has been satisfied in full in return for turning your interest in the car back to them
2007-05-24 07:01:34 · answer #1 · answered by wizjp 7 · 1⤊ 0⤋
Talk to the bank. They may even be able to work something out so you can keep the car. I wouldn't be surprised if it costs a heck of a lot more for them to send someone out to repossess a car than to cut a reasonable deal.
In order to save your credit, you might consider selling it for what you owe and paying off the loan. You might even find a dealer who will take it off of your hands.
2007-05-24 07:05:43 · answer #2 · answered by Anonymous · 0⤊ 1⤋
The problem with voluntary reposession is that the lender will sell the vehicle at auction and take whatever money they can get for it. Anything that you owe on it over and above that will still be your responsibility to pay.
It's best to try to sell the vehicle and get top dollar for it, then use the proceeds of the sale to pay your loan.
2007-05-24 07:02:03 · answer #3 · answered by Scotty Doesnt Know 7 · 0⤊ 0⤋
Call the people that your car loan is through and explain the situation to them and have them tell you where to return the car. Make sure when you return it that you get signed documentation from them that you returned the car voluntarily. They may try to take the keys without giving you any paperwork. You need proof that they have receipt of the car.
2007-05-24 07:04:11 · answer #4 · answered by Blazingskye5504 2 · 0⤊ 0⤋
It is always best if you return the car and they should not charge you any fees because are voluntarily giving it up, but it is going to go on our credit report. I would call the bank you have it financed through so they can tell you the steps to take. There should be no paperwork besides you taking it off your personal property and dropping the insurance
2007-05-24 07:04:51 · answer #5 · answered by acidpoohbear 2 · 0⤊ 2⤋
they could't garnish your wages or although like that. they could, inspite of the actuality that, sue you for any volume that you purely owe them. also, any repo will damage your credit. It will be almost inconceivable that you ought to get an more beneficial vehicle loan for a lengthy time period to go back back. i'd advise contacting the lien holder on the vehicle and seeing if there will be an more beneficial way that you purely will be certain the funds, also do not overlook refinancing the vehicle. different sensible get useful to over pay on your next fairly some piece of crap automobiles, once you concentrate on that you'd be compelled to purchase third and fourth hand automobiles from no longer as a lot as respectable tote the note plenty for ideal the following 7 to 10 years.
2016-10-18 10:07:35 · answer #6 · answered by ? 4 · 0⤊ 0⤋
You can't necessarily just give them the car back and have your loan wiped out. It depends on how much the car is worth, and how much you still owe - they might go along with it, but don't have to.
Good luck.
2007-05-24 07:10:16 · answer #7 · answered by Judy 7 · 0⤊ 0⤋
Call the dealership they will come pick it up. But you may owe on it when they take it.
2007-05-24 07:02:08 · answer #8 · answered by holykrikey 4 · 0⤊ 1⤋