options to repossession?

Question

how can I voluntarily return a vehicle to the dealer without damaging my credit? What are my options to get out from under a note?

Answer 1

you can not do a voluntary re-po without damaging your credit. its impossible, if it was possible then so many people would do that everyday! list an add in the camera ads or newspaper, and put a sign on the car for take over payments. this allows someone who is looking for a car to get a loan and only pay what you owe instead of having to pay full price or more since the dealership will mark it back up again!!

Answer 2

The *only* way to get out from under a note is to pay the note off in full. Even repossession won't get you out from under it, you will still owe money. If you have to sell the vehicle to pay off the note, then that's what you have to do. Why not save yourself the trouble and just get a second job and make your payments?

Answer 3

I did just that, and it did hurt my credit for a while. After giving the vehicle back there is still money owed that they will not regain when they sell it again and you (unfortunately) are responsible to pay the loss. A vehicle is worth less than what you paid for it right from the start. If you can find a buyer and you will have to pay some out of pocket. But it's either that or giving it back. Either way you will you will have to pay.

Answer 4

On a credit agreement there is a section that tells you what you will still owe if you stop payments before the end of the payment period.
The amount decreases the longer you have had the agreement for.
You will still owe this amount even if the vehicle is returned.

Answer 5

You need a buyer. The dealer will not buy the vehicle back above market or above what you owe unless he too is desperate for your make/model (and it's in resalable shape). Your best bet is to list vehicle for sale prior to repo - but you have to be prepared to make up the difference between what you owe and what you get paid.
Otherwise, try to refinance the car to lower payments...

Answer 6

Depends on the deal. If it is Hire Purchase and not a loan ( Two very different agreements) you can return the car any time and cancel the HP agreement, subject to the terms of that agreement, you may have to pay a minimum payment or penalty. If a loan it is a completely different ball game

Answer 7

Well, you return your car , it's still called "Voluntary Reposession". Best bet is to try to find someone (local paper maybe) to take over the deal , OR - many dealers are doing that "pay off your trade" thing , where they take your car and pay it off , and you'd contract with them for something else, THEN you'd do a deal for a used "same model" or something else that you can handle.

Answer 8

Try selling the vehicle. If you let the vehicle get repossessed, it will get sold at auction, and you will probably will still owe money.

Answer 9

Unfortunately you can't. the dealer don't want it back and if you take it back to them the lender stills does the paperwork for repossession.

If you can't sell it and pay it off then either drive it till they come and get it or just park it.

Answer 10

not too many options.. which sucks, since so many people end up not being able to afford their vehicles. If the creditor agrees to it, you can try to sell it for what you owe. But it becomes difficult when it comes to the paperwork part since you don't hold the title yourself.
if you are leasing it, I think there are ways to have someone take over your payments.. I dunno. good luck though.