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Can a dealer after voluntarily returning a car over 3 years ago now come after you for the remaining balance?
Wiki User
∙ 19y ago
In a word yes.Just because you voluntary returned the car doesn't mean anything to the lender they still want the balance of their loan.You need to find a few things out to help yourself.First find out what the dealer did with the car did he auction it or resell it?Most importantly how much did they get for your former car?The difference between your original loan amount(including all the interest)less your total payments and less what the dealer got for your former car should equal the remaining balance BUT CHECK The NUMBERS !!!!!!!!!!!!!!!!!!! IT is a good idea to conduct all correspondence with the lender/collector in writing only and read what they you send very carefully!!!!!!!!!!!!!!! GOOD LUCK
Wiki User
∙ 19y ago
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Is the owner responsible for any paperwork when voluntarily returning a repossessed vehicle to a dealer?
What state are you in??? Laws VARY by state.
Is a person responsible for the remaining balance of a reaffirmed car loan when it is voluntarily returned to the dealer after a bankruptcy?
Yes. When you reaffirm you agree to continue the debt and it is removed from the bankruptcy estate. Also, the debt in this case is post-peition.. as in it came about after the date of filing.
After voluntarily returning an inoperable vehicle to the dealer and returning the tags to DMV doesn't the dealer have to let you know how they disposed of it and if they are demanding any more money?
If the dealer is whom you were paying the loan to, then yes. If a lender/bank held the note, then the lender/bank should be letting you know if the loan still has a defficiency balance that needs to be paid. Either way though, you should be notified of what was done--- Now you might make a phone call or two and find out now instead of later. Besides, if the loan was totally paid off, you should have something showing that there is a zero balance.
Can you trade in your car if you still owe on the auto loan?
yes you can trade it in. But if you owe more than what the dealer is going to give you for the car the remaining balance will be added to your new loan
Can a dealer collect on repo unpaid balance?
Yes - if the car loan was with the dealer, the dealer can sue the debtor for the balance of the car loan after the car is sold to someone else.
How is credit affected by returning a vehicle?
Can you please specify what you mean by returning a vehicle? Are we talking about returning a vehicle within the specified time by the dealer because you are not satisfied or are we talking about returning a vehicle that has been repoed?
What is the law for returning new vehicles in Michigan?
There is no Cooling Off Period on the purchase of an automobile in any state. It is a myth that you can return a car you bought. That law only applies to unsolicited sales. As in door to door, or telemarketers. You bought the car, so you own the car unless you can convince the dealer to voluntarily take it back.
If you can not meet payment on a car can you take it back to the dealer?
Returning the vehicle will not relieve you of the responsibility for the debt. Typically your lienholder will sell the vehicle and charge you for the deficiency balance. However, if you cannot pay for the car the lienholder will repossess it and follow the same procedure. Also, unless the dealer provided "in house" financing they probably have no further interest in the vehicle. You are now obligated to pay the bank or finance company. In this case the dealer may not allow you to return it to the lot.
How do I buy a car when you owe on another?
Sometimes a friendly dealer will pay off the other car that you still owe on and take it in trade. If not, you have to make payments on both until they're both paid off. If the dealer takes your other vehicle in trade at a price less than you owe, you are responsible for paying the balance of the principal. If you want to buy an economy car and you now have a big SUV that the dealer doesn't want to take in trade, you have my sympathy. In that case, you have to try to sell the vehicle yourself that you don't want anymore at the best price you can get for it. Again, if it's less than your payoff balance, you must pay for your new car plus the remaining balance of the old one.
What makes the tires vibrate at about 25 mph on a 2005 accord?
It is possible that the tires are out of balance. Any reputable tire dealer can check the balance for you.
What is Ohio law for returning a newly purchased vehicle?
The Ohio law does not provide for returning a newly purchased vehicle. The individual dealer may allow you to in order to promote goodwill. They are not required to allow you to return it, however.
What are the laws on returning a used to car to a dealer in ks?
There is no such law. The buyers remorse law does not apply to the purchase of a new or used vehicle.
