I purchased a new 2007 Ford Focus in February of 2007. I'm 19, and this is my fourth car. I do not have good luck with vehicles at all, and this car is no different. What makes this car different, however, is that I financed it through a bank instead of paying cash like I did for my other cars. My credit is not great, but good for my age because I've built it up.
My problem, however, is the car is the worst I've had. It's constantly in the shop, and things constantly break. I've contacted Ford about having them buy it back and after waiting for a long time, they told me they won't because they're just minor things all covered under warranty.
I will not pay $470 a month for a brand new car that doesn't run like one. My last step is taking it back to the bank. I know the consequences, but I'm willing to take the hit to get rid of this headache. I owe too much on the car to sell, but I have GAP. My question is, is there any way this might cover the balance of reposession?
2007-06-03 00:37:40 · 4 answers · asked by T.J. B 1 in Cars & Transportation ➔ Buying & Selling
You said your credit is good for your age because you built it up. Don't take a huge step backwards at this age, good credit is an asset and will only help you down the road.
Check your states Lemon Law, see if you qualify. If not, i suggest either: sucking it up, try to sell it privately and getting a new one, or trade into the dealer for a new one (you'll lose money, but it's nothing compared to a repo).
2007-06-03 05:53:25 · answer #1 · answered by jay 7 · 0⤊ 0⤋
Gap insurance has nothing to do with the balance owed if you do a voluntary repo. Considering the car is new, I would check into Lemon Laws for your state, the DMV should be able to help you through the process. Ford doesn't want a buy back, but that may be what happens. Do not go for a voluntary repo, it effects your credit the same as a standard repo. Since you are just getting your credit started, you don't want to take a hit like that.
2007-06-03 16:03:26 · answer #2 · answered by fisherwoman 6 · 0⤊ 0⤋
Of course not! No insurance of ANY kind will cover you in case of a repossession!
You may well have recourse using your state's Lemon Law as it is a new vehicle. Without knowing your state AND a detailed list of the problems your car has had including the length of time it was out of service each time it's not possible to evaluate if you have a case there or not.
Google the name of your state and "Lemon Law" to see what your state's law is and the procedures that you must follow to file a LL claim.
2007-06-03 01:39:06 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
No Gap is only if your car is totaled or stolen. What's the problem. You have a new car so everything is covered under warranty with no deductible. Get it fixed and enjoy it.
By the way, you can't give something back to the bank that they never owned. They are not in the car business, they are in the money business.
2007-06-03 08:40:14 · answer #4 · answered by SPATTMAN 3 · 0⤊ 0⤋