My friend purchased a vehicle from dealership and the bank approved the loan. She can no longer afford the payments and only had the car for 2 months. What other options can she take. Serious answers please.
2007-11-01 04:12:47 · 6 answers · asked by Pumpkin 2 in Cars & Transportation ➔ Buying & Selling
To clarify, no one legally has 3 days to return a vehicle. This holds true in all 50 states.
Unfortunately, she can't take the vehicle back and since she only had the car for 2 months, she is most likely in a negative equity position. Her options would vary depending on how much she owes on her car v/s its value.
What car did she buy?
Did she buy a new or used car?
Did she put money down?
How much did she finance on the car?
If you found the answers to these questions, we can try to help your friend if possible. Good Luck and you can email me for direct questions.
2007-11-01 04:22:01 · answer #1 · answered by The Auto Evaluator™ 7 · 7⤊ 1⤋
This is a classic case of buyer remorse.
But, you are out of luck because, the car loses about 30% of its value the minute you drive off the dealer's lot.
Try and sell the car privately, try and get as much as possible. You will incur a loss of course. You pay off that car loan with the sale of your car and any remainder of the money need to be paid back to the bank of course.
Do the math. The above method of getting rid of the loan is way better than just hanging on to the car, depreciating all the while, trying to meet the payments, default on payments, headaches, loss of credit rating etc...
Bank is not interested in your car. All they want is their money back. So you have to do what is necessary.
2007-11-01 04:24:15 · answer #2 · answered by Nightrider 7 · 1⤊ 1⤋
She can turn it back to the bank, however it will show up as a repossession on her credit record. A better bet would be to try and sell it for what she owes. If she put down 20% or more that may be possible. If not, she's stuck with the payments OR taking the hit for a repo. Sorry!
2007-11-01 04:35:41 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 1⤋
She can take the car back to the dealership and trade it for something she can afford.She could try to sell the car to pay off the loan.But most importantly your Friend needs to grow up,can't afford it any longer after only two months?
2007-11-01 04:23:19 · answer #4 · answered by way2cool 1 · 4⤊ 1⤋
No, she can't return the car. She will have to sell it out right. You legally only have 3 days to return the car. She could also trade it in and take a small loss on the car and try to get something with a much smaller payment. But the first thing I mentioned is the best way to go.
2007-11-01 04:20:27 · answer #5 · answered by Grants a tractor luvr! 6 · 1⤊ 6⤋
No. And she needs to grow up and learn that contracts are legally binding documents and not to be taken lightly. But if she signed with dissapearing ink she can take it back.
2007-11-01 05:03:37 · answer #6 · answered by Anonymous · 1⤊ 1⤋