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IT DEPENDS ON THE BALANCE OWING ON THE CAR,THE RULES OF YOUR CONTRACT AND THE CONDITION OF THE CAR RETURNED. MOST FINANCIAL INSTITUTIONS WILL AUCTION THE VECHILE AND PLACE ANY MONIES RECEIVED FROM THE SALE TOWARDS THE BALANCE OWING. IF THER IS STILL AN AMOUNT OWING, YOU ARE STILL LIABLE TO PAY THAT AMOUNT.
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∙ 18y ago
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What happens if you give the car back to the dealership?
you get a bad record on your credit
What if a payment was never made on a car and now want to give it back voluntarily?
If you signed a loan agreement then giving the car back won't help you.You are bound by the terms of the loan.Read the agreement what happens next will be determined by what that loan says.
If you sold a car and had a verbal agreement and buyer doesn't pay for car can you get it back?
Why would someone give something to someone with getting paid. It sounds like the car was a gift.
If you sign a finance agreement and now the bank wont finance you do you have to give the car back?
You have to look at the papers that you sign with the car dealer. Typically they make you sign an agreement to bring the car back in the event that they can not get you financed. If they did not have you sign something, then they will probably hold the note themselves and then you have to pay the car dealer. But the short answer is yes, you can not keep the car if you can not pay for it.
Whats worse voluntary car repossessions or regular car reposessions?
It's the same on your credit, However it will save you money on repossessions fees if you voluntary Take the car back, because the Lender or finance company wont have to send out a repo. team to recover the car witch cost a lot of money and time. The repossessions will look about the same on your Credit, However it best to voluntary give it back, Because if you cant pay fo it then the right thing is to give it back to the Legal owner! It's the same on your credit, However it will save you money on repossessions fees if you voluntary Take the car back, because the Lender or finance company wont have to send out a repo. team to recover the car witch cost a lot of money and time. The repossessions will look about the same on your Credit, However it best to voluntary give it back, Because if you cant pay fo it then the right thing is to give it back to the Legal owner!
How can you have a lien removed from a car that was given to someone as part of a separation agreement?
Greg, the lien was put on the car as part of an agreement between you and the LENDER. You cannot change that agreement without the permission of the LENDER. That agreement was dependant on YOUR credit rating and can only be tranfered to someone with equal credit and the lenders acceptance. Call the lender and see if they will let someone assume the loan and remove you from it.
If the creditor tells you that you would have a zero balance if you give the car back how will this look on your credit when purchasing another car?
It will look MUCH better IF you can get the lender to put the"ZERO BALANCE" part IN WRITING before you give up the car.
How do you get rid of a financed car and or leased car?
Get someone to take over payments, via an ad in the paper. Trade it in, or give it back to the bank, and take the hit on your credit.
Do car insurance companies have to give your car back or compensate if they cancel your policy?
Give your car back
When is the best time to give back a vehicle when bankruptcy is an issue?
IF YOU GOING TO FILE BANKRUPTCY KEEP YOUR CAR AND PUT IT IN YOUR BANKRUPTCY IF YOU NEED YOUR CAR. IF YOU JUST WANT TO GIVE IT BACK JUST GIVE IT BACK ANY TIME BUT THE LOAN STILL GOING ON YOUR CREDIT FILE SO IF I WAS YOU I'LL PUT IT IN WHAT EVER CHAPTER YOUR FILEING.
If you are selling a car to someone and they have an agreement with you and then they stop making payments toward the car do you have to give them all of there money back that they have put towards it?
If you had a written agreement that they would pay you "X" amount of $$ per specified (time period) then they are still liable to make the payments. You should not give them a refund of the money ... they defaulted on a written promise to pay ... they are out the $$ ... you get to keep the car and the money.
How does failure on a business car lease agreement affect personal credit?
Failure on a business or car lease agreement will still be attached to your name and social security number. It will lower your total credit score unless these leases were only attached to the business or someone else's number.
