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Do you still have to make payments after returning a car?


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2015-07-15 18:20:42
2015-07-15 18:20:42
Making Payments After Returning a CarNo, you do not have to make payments HOWEVER.....once they sell the car you still owe the left over balance. Just because you don't have the car anymore DOSEN'T mean you didn't borrow the money


No you do not have to make payments after returning a car as long as you are ok with having a repossesion on your credit history and as long as your ok with the finance company filing a judgment against you for the amount left owed after the sale of the returned vehicle.


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Yes, but you will still have to make payments on the car being turned in if you don't have 'clear title'.

You parents can be insured on your car and they can make payments regardless of your marital status.

Not as long as the payments are current and have remained so.

NO but why would they repo if you are making payments. You don't still have to continue to make payments, however, if your car is repossessed, normally the finance company will sell the car and you owe any deficiency balance. In other words, let's say you still owe $5000 on your car and the finance company sells the car at auction for $4000. They will eventually contact you and you will owe the $1000 difference.

I wouldn't see why not if there not living up to there end of the deal and its still in your name then its still your car.

Full coverage requirements have nothing to do with the age of the car. If you still make payments on the car then you still have to have full coverage. If you own the car outright, then you do not have to have it.

I would sell the car. If they wreck then you still have to make the payments and then no one has the car.

When you fail to make payments, they go after the co-signer. It can affect his credit. If he makes the payments he can take the car. You wouldn't want to make payments for someone else's car.

No its perfectly legal and if you are still making payments on it, that increases values.

If you own your car or house and are no longer making payments, should you still have insurance on them? Explain why or why not.

(Depending on where you live) You can: 1. She can elect not to include the car, and retain property of it. 2. If you are 1/2 way finished of payments you can contact the lending agency and request sole responsibility of the lien 3.Return the car to the title company If you keep the car, you will still be held liable for the payments. If you no longer want the car or to make payments, you will need to release it back to the title company. Another thought too....your credit is tied up in this deal. Her credit will be affected by the bankruptcy but if you keep the car and keep the payments up you'll get the credit and benefit by doing the right thing by paying it off. You'll be much better off doing that. If you turn the car in I think it will hurt your credit. You still have to pay if you keep the car.

Make your car payments ON TIME!

If you don't make your car payments.

When you don't make regular payments, your car will repossessed. Now if you had an upside down loan, you will still owe the lender.

Returning the car to the lender will not relieve the borrower of the legal responsibility to pay the debt. The balance of the loan and any additional fees is still owed on the vehicle and is valid and collectible.

ONLY if the lender agrees to doing so. After all, you agreeded to make make payments on the car once before.

A family's finance deployability checklist will prompt you to make arrangements for car payments.

no its not!! it is technically your car so you can pull it out but you still have to make the monthly payments! you can't pull the engine out of a leased car though!!

The executor must make the payments from any assets of the deceased Estate until the Estate is settled.

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