Turn it in?? YES sale it to a dealership? YES, IF they pay it off. make payments on the rest?? Maybe, the way to do it is to find a buyer(highest price you can get), subtract what you can get for it from the PAYOFF on the loan, BORROW the difference needed from another source. Then you can payoff the loan, get title to give to buyer, and make payments on a smaller amount that you can handle. This will have to be done with the LENDERs help. Contact the lender and make all the arrangements ASAP after you find a willing and READY (CASH wise)buyer. You will have to convince the lender that you HAVE a buyer and convince the buyer that they will get title,ect to make it work. Good Luck
The DEALERSHIP won't repossess the car, but the lender might if you don't make the monthly payments as scheduled.
Once in contract with a car dealership you are bound by law to carry out the remainder of the contract and make all payments or face criminal punishment.
The father's auto dealership failed and he could not make the payments.
It depends on the size and location of the Dealership. A small rural dealership would pay a lot less then a city dealer of the same size.
It could be that the loan period for the car is of shorter duration than for the SUV. Therefore, the payments are higher, but you will pay less interest in the long run. My question is why is the dealership trying to get you approved for the SUV when you want the car? Since gasoline prices are outrageous, I 'm sure the dealership is trying to make the SUV purchase more attractive by ofering lower paymernts. Do not be coerced into buying what you don't want - try to get a longer loan period on the car if the payments are higher than you can afford.
If a car dealership files for bankruptcy, someone will purchase the accounts receivable as part of the bankruptcy settlement. That person or company should contact you and tell you where to make payments.
yes and no
If you mean can the dealership take your car, if you don't make your payments. Yes. Usually the finance company will take your car, because the dealership has already passed your account to the finance company. If you have made a deal for a car that the dealership later discovers you don't meet the financial criteria, they will take your car back and offer you a lesser model for deal that suits your budget better.
Vehicle financing can be done two ways. You can go to a buy here, pay here car dealership that will sometimes report to credit agencies. If you have good credit, you can finance a car at a larger dealership. Small buy here, pay here lots require a smaller down payment and the monthly payments are not as expensive. You have a choice of when you would like to make your payments during the month depending on how you get paid. Larger car dealers can offer specials to customers on down payments and monthly payments. They will definitely make a report to a credit agency, and the payment will be due at a certain point in the month.
You make extra payments toward the principal.You make extra payments toward the principal.You make extra payments toward the principal.You make extra payments toward the principal.
You don't. You signed a contract that states you will make your payments! You don't pay you don't play. Hope they pop the car!
Depending upon which car dealership you work for if its a larger dealership your more likely to make more then a smaller dealership. Roughly 50K to 70K