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If you can't afford the payments on a vehicle can you give it back to the dealership?
Wiki User
∙ 16y ago
You need to make those arrangements with whomever "financed" the car for you. If you got dealer financing, then yes ... if not, then dropping it off at the dealer will do you no good and is considered "vehicle abandonment".
There is a good chance that whatever monies you have paid will NOT be returned, as you did get the use of the vehicle for a certain period of time. There could also be a "cancellation fee" as part of the original financing contract. Read all the fine print.
The other caveat that may come into play here is vehicle value. If you bought the car brand new, and now are returning it because of inability to make the payments, you might be "upside down" in car value compared to what is owed ... in other words, what you still owe on the car may be more than the cars current value, as now it is a "used" car and subject to the fair "trade in" value at the dealer. It may be that any difference between what is owed and the current car value may still have to be paid when you relinquish the car. For example, say the car current value is $5,000 and your loan is for $7,000 (as it was at the origination of the loan), you may have to make up the difference ($2,000) in order to just "get rid" of the car. You may be better off keeping it for a few years and doing whatever is necessary (2nd, 3rd jobs for instance) to make the payments every month. A car is the worst investment anybody can make ... when new, the depreciation is very drastic, sometimes dropping a third in value just driving it off the new car lot and once around the block, as now it is no longer "new" but now "used".
Wiki User
∙ 16y ago
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Bought car from dealership that took care of financing arrangements - All payments timely made old vehicle traded - Dealership now trying to repo says bank did not approve finance What remedy -AZ?
Tell the dealership to give you your old car back and any money you gave them then you will give them their car back.You might want to consult an attorney.
You bought a car with gmac through finance after one month you realized that you made a mistake as you could not afford to meet the monthly payments what should you do?
First see if you can get the vehicle financed for a longer period of time, thus lowering your payments. If you can not do that then call the finance company and see if they can help some other way. Last, you may have to give the vehicle back.
How do you go about bringing your car back to the car dealership because you no longer can afford to pay car payments because your situation has changed and don't want it on your credit?
the dealership will probally not take your car back unless u sell it to them at a value that they can resale downside is you'll owe the balance of the loan in which the dealership did not pay your best off trying to resell to a private party and maybe break even you may owe a little money though. but its worth salvaging your credit
Can a dealership take back a leased car 3 months later if they could not find financing?
Yes. If you have poor credit and cannot finance the purchase, of course they can take it back. Count yourself lucky. Leasing a vehicle is one of the worse decisions you can make. Buy a used car you can afford and stop trying to drive more car than you can afford.
How to get back a repossessed vehicle if it was a lease?
Bring all the payments up to date.
If a vehicle has a previous lien against it and you purchase it from a dealer do you have anything to worry about with the lien?
The lien is still valid, even though you purchased the vehicle through a dealership. The lienholder's name should be on the vehicle title, though. If you were not notified of the lien before buying the vehicle, see the dealership and ask for "rescission of contract"--this means the dealership will take back the vehicle and refund your money. If the dealership is unwilling or unable to do so, contact you state's attorney general.
What can you do if you have a child on the way and your car payments are now too high to afford but you got a great rate at 2.9 when you bought the car?
Sell the car person-to-person. Never take it to a dealership to sell or trade, you almost never get what it is worth. If you cannot sell the car, try refinancing. You'll get a higher APR and pay more interest in the long run, but you can extend payments and keep your car (plus afford the payments). give the car back buy a 500 dollar special, spend the car payment on the kid
How long do you have to return a vehicle purchase?
You actually do not have a set period of time to return a vehicle purchase. There is no law that requires a dealership to take a vehicle back once purchased unless the vehicle is faulty.
Can your wages be garnished for a repoed vehicle in portland OR?
they should not be able to garnish wages for a vehicle the leinholder has taken back into their possession for payments not being made. They have the vehicle back, so its not right for them to take your money.
If you have been late on payments several times but never sixty days past due can car be repossessed?
You would have to read the contract to see if someone can "legally" repossess it. But ultimately, there is someone, somewhere who makes a decision. This person can continuously let is slide, or they can just get fed up one day and take, or have someone take your car. They also know that if you cannot afford payments then you will definitely not be able to afford back payments, penalty payments, and current payments all at the same time. Nor, can you afford an attorney.
What will happen if you leased a new car and could not afford the insurance and returned it 2 days later to the dealership?
How did you get away from the dealership without it (ins. coverage)? If ya take it back, its a repo. Call the lender and ask them. Good Luck
How can anyone afford to pay back a chapter 13 the payments are outrageous?
All chapter 13 payments are scrutinized for ability to pay. If the plan payments were outrageous, it is highly unlikely that the court would approve a plan that a debtor would be unable to pay.
