Because when you took out the loan you agreed to repay the entire amount, the interest and any amount the lender had to spend on collection on the loan (late charges, reposession fees, auction fees, etc). Just because you gave the car back doesn't mean you don't owe the money. Find out what car dealers don't want you to know at www.dealertricks.com If the lender took the car, and sold it at auction, file bankruptcy. The remaining loan amount will be discharged through the court. I know someone this happened to. They returned the car, filed bankruptcy and the loan was discharged. No money owed. When their situation changed, they bought a new SUV a year later. They are paying a higher interest rate though,
No, you cannot just return it to the dealer. The dealer has nothing to do with this unless the dealer is also the lender. You must return it to the entity who loaned you the money to buy the car in the first place. It is their car until you pay for it. This is called a voluntary repossession. You will be required to pay the deficiency. That is the difference in what you owe on the vehicle and what they sell it for at auction or private sale. Your credit will also be ruined for 7 years. You will save repossession fees by turning it in voluntarily.
Have the car voluntarily repossessed. Using this option means that you voluntarily return the car to the finance loan company if you are too far behind on your payments and can't recover. If you decide to return the car, the finance company may pick up the vehicle or it may require that you return the car to its location.
In the book of Matthew it says "do unto others as you would have them do unto you", but I have never read a Biblical passage as you quote it.Answer:Luke 6:34, 35 - And if you lend to those from whom you hope to receive back, what credit is that to you? For even sinners lend to sinners to receive as much back. But love your enemies, do good, and lend, hoping for nothing in return; and your reward will be great, and you will be sons of the Most High. For He is kind to the unthankful and evil. [NKJV]
You can get a copy of the purchase receipt from the auction if you are the buyer however car auctions don't work on a bill of sale. They have the title follow the car from seller to buyer. If the seller fails to provide the title prior to the start of the auction they are charged a fee which is typically around $50. They have 30 days to produce the title to the auction. If they fail to do so the buyer can return the car to the auction and get a full refund of purchase price.
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