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Elane M | What happens when you give your car back to the lender? |
I've put like $3,000 into buying a truck, I tried to trade it in the other day and they said I had to make four more payments. I Found out that out of all the money I've given them I've only come down like $300 on the actual price. Yes, I know I made a bad deal, but what I want to know now is what happens if I giove it back. Like just say here ya go I dont want the damn thing. Obvisiously its gonna hurt my credit but how bad? And will I get any money back? |
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kam
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You will not get any money back, in fact the car lender will still try and collect from you because the note was not paid. They will take you to court and have a garnishment placed on your wages. Bad credit is only the tip of the problem. You'll have no car and still get to pay for it. |
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Katasha
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No, you won't get any of your money back if you return the vehicle to the lender. And you will still be liable for any balance still owing when they auction the vehicle. So if you owe $6,000 and they auction it for $2,000, you're still going to have to pay that last $4,000 and you won't have the vehicle to show for it.
A repossession on your credit, including a voluntary one, will hurt quite a bit, especially if you try to buy another vehicle, and it'll stay there for at least 7 years. And if you owe more when they auction the vehicle and that gets turned over to collections or they get a judgement against you for it, that'll do even more damage.
The first half of the term on a car loan is always almost all interest and very little principle. It's going to be like that on any car loan. Your best bet would be to try to refinance with a lower payment you can afford better, or sell the truck yourself for enough to pay off the loan and get out from under it. If you try to trade it in, even if you get approved, any balance owing on your old loan above what the truck is worth will just roll into your new car loan, which will raise your payments on that. |
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heavenlli_61
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you get bad credit but of course you knew that any ways. |
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Mel
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No will not get any money back on this and when you give back the truck it shows up a defaulting on it which goes very bad on your credit. |
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caliredneck67
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Surrendering a vehicle is just as bad as a repo. Not only will you not have the truck, they will not give you any money back, and you will have to pay the difference in what they sell it for an what you still owe. If you trade it in you are still going to have to pay the balance you owe plus the car payment. Your pay ment may or may not go up or down depending on how good they are at hiding it but it will be in there. |
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Krista B
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It will be considered a voluntary repossession, which is just as bad as if they pick the vehicle up themselves when you don't pay. A repo is a repo, whether you give it up or they take it. |
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Niklaus Pfirsig
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The dealers usually screw you over with a bunch of useless add-on fees so that what you owe is always more than the value of the vehicle. The is called being "upside-down". If you take it back, they wil sell it agan, either through an auction or on thier used lot, as a used vehicle, and sue you for the difference between the market prices and what you owe. thien you will still owe several thousand, and you wont have the truck.
A few years ago, my stepdaughter went to trade her hundai at a dealer. The talked her into a late model Ford.for !4,000 over the value of her trade-in(ripoff number 1). In order to get the financing, my wife cosigned the note, which was financed through a local bank. About 6 months later my stepdaughter lost her job and had to take a lower-paying job, fell behind on the car payments and they reposessed the car. The car sold at auction for about $8,000 leaving most of the $6,000 as still being owed. in the end, my wife had to pay that. |
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M B
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You will not get any money back and it will end up on your credit report as a voluntary surrender (which is better than repossession) trouble is they will sell the truck and the excess balance they will take it to court and win a judgment for the remaining balance on the vehicle. Have you tried calling the company to see if a deal can be made? |
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sarge927
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You won't get any money back and your credit will take a hit because you didn't honor the full contract. Your "upside down" in your loan, which means you owe more than the truck is worth, so you actually have to pay to have someone take it off your hands. The other thing you need to know is that the dealership doesn't have to take the truck back. They can tell you "Sorry, you signed the contract; you're stuck with it." If they do that and you stop making payments they'll repo it and then you'll have a HUGE black mark on your credit report. If at all possible, you're better off keeping the truck for another six months to a year and then trying to trade it in. |
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Troy H
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If you had to truck for 30days or less than you can give it back and they should give your money back.
If however you have made payments on it and just give back it will be reported as a voluntary repossesion. You will still be responsible for the loan payments. The bank will take the car and sell at auction, you be responsible for the remaining balance after they sold plus storage fees. It reflects on you report as a repo, if you do not pay they will send to collections or to an attorney who then try to collect- after they put their fees on- if they can not collect they can take you to court and garnish your wages or seize you bank account.
Your credit will suffer greatly. A repo, even though you did not fall behind in payments, will devastate your score. This is why
35% of your score is your payment history, if you get mad and not pay than you take a hit here.
30% of your score is amounts you owe on your account. In this case you would still owe for the truck.
Your best option is to see if you can trade it in for a truck of lesser value. You will unload the truck, have a vechicle, and not damage you credit as much. |
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realwrekonizereal
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You may get your money back, but it depends on the length you had the vehicle and how much interest you accumulated and if you made a payment or not. Also, depending on length of time, if you failed to make the required payments then you would have defaulted on your loan and it would show up on your credit report. If it is short enough of timeyou may not lose out but maybe just pay some processing fees, depending on the bank. |
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