How can I send a car back to the bank with a balance?

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How can I send a car back to the bank with a balance?

CarMan

As others have suggested, you should sell the car yourself and pay off the loan, possibly having to add additional money if your were upside down.

If you return the car to the bank, they'll sell it but won't care about the price because they know they can hold you responsible for the remainder of your loan balance.

Call the bank and get your payoff balance. Then go to www.kbb.com and www.nadaguides.com to look up the current market value for your car. That will give you an idea of the amount of extra cash you'll need to fully pay off your loan. If you're really lucky, you aren't upside down and won't have to come up with any extra cash.

Ronnie j

If you owe on the car, it will be sold, and if it does not bring what is owed, you will be responsible for the remaining balance.

it is called a voluntary reposession. instead of them coming to take your car in the middle of the night YOU take it back to the dealership and tell them you can't afford the car.

if you bought it private owner, well then you are stuck paying them.

Jaclyn&Dave

Best option ... sell the car and take out a personal loan on the balance. Don't trade in, SELL.
Not so hot option ... Do a voluntary repo, and work out a plan on the balance.

You seem to have bought too much car, and doing that on payments is a recipe for disaster. Check out the video below, and learn the smart way to buy cars.
http://www.daveramsey.com/etc/lms/drive_free/

mcmoehring@sbcglobal.net

You mean you want them to repossess? The bank won't go for that, sell it and pay them off

lisa j

Call your bank or the dealer, tell them you would like to do a volentary repo on your car, they will resell your car and you will pay the remaining balance left after the car is resold

Rant & Rave in Las Vegas

a CAR?

everyone is answering differently

does this guy mean a credit card or an auto?

Sher

Call them and tell them to come and get it! Give them your address and they will come and get it. You will definately have a reposession on your credit though. The bank will sell the car and then you will still be responsible for the balance which is, minus what you have paid into it, minus what they sell the car for. That would be your balance owed to the bank.

sparkyboy444

You sound like you have bigger problems than a credit card.
Marriage counseling?

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