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If you return a car can you be forced to pay the balance of the car loan?
Wiki User
∙ 18y ago
you only have 30 days to return for free
Wiki User
∙ 18y ago
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Can you roll the balance of a carloan into a new car loan?
No, it most cases you cannot roll the balance of an existing car loan into a new car loan.
Can I trade in my car when there is a loan balance?
You can trade your car in, however the loan balance must still be satisfied.
How do you get out of your car loan?
You can get out of your car loan by selling the car you have. You can also return the car to the finance company.
How do you return an unpaid car?
If it is too difficult to maintain payments on a car loan, it is possible to voluntarily give it back to the creditor or dealership. In some states, however, a creditor can sue for the remaining balance owed on the 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.
Can you get sued for the balance of your car loan after the car is repossessed and sold?
Yes.
What happens if you return a car?
You cannot return a car you have purchased. If you do they will just put it in storage, charge you for everyday it is there, and then the lender will repossess the car for non payment of the loan. They will sell the car and you will then have to pay for the storage fees, repossession fees, and the difference in what the balance on the loan was and what they sold the car for. Bottom line is that you bought the car, you own the car, and you are stuck with the car. Don't like it then sell it. There is no cooling off period on the purchase of a vehicle.
If you lost your job and can not afford to pay your car payment can you return the car?
That is a voluntary repossession...not a good idea in the long run. The bank will wholesale the vehicle at an auto auction, apply the proceeds (less selling expenses) to the loan and you still owe the balance. Plus it goes on your credit report. If the car has a retail value in excess of the loan balance, you will be far better off selling the car yourself and paying off the loan. You still have no car...but no car payments and no bad credit report. Even if the car is worth slightly less than the loan balance, you'd come out thousands ahead if you sell it and find the rest of the money to pay off the loan.
What is a car loan amortization?
Basically, Car Loan Amortization is the balance of your auto loan. It is the process of following a plan or schedule of your loans for your automobile.
What happens to balance on car title loan when car is stolen?
Every car obtained on loan definitely is an insured one.One gives loan on insurance basis only.
Can you return a leased car that was forced on you?
IF you signed a contract, it wasn't forced on you. If you didn't sign a contract you can return it as you wish.
If you return your car to the lender are you still responsible to keep paying the loan?
Heidi, as a general rule, YES. You are responsible for the UNPAID balance due on the loan. Example, you owe 5000.00, car gets sold for 2500.00, you owe 2500.00 plus fees.Good Luck
