What happens when I give my car back?

Answer by  Atomicrayon (2504)

Assuming it's a Tote the Note dealership and wasn't purchased new, basically nothing. It won't tax on your credit, you'll just lose the car and all the money you invested in it. Now if it's a new dealership that's going to hurt your reputation with the dealer and future car companies.

Answer by  MaryL (117)

It goes better for you if you give the car back rather than have it repossessed. You lender will send you a final bill of what you owe. They will continue to try to contact you about the balance. Either way you won't be able to walk away from what you owe. Try to settle with them if possible.

Answer by  pdavenpo (74)

If you give it back voluntarily you will have a voluntary repossession on your credit, which will have negative effects on your credit score.

Answer by  joshm89 (491)

You can do a voluntary repossession which you won't have to pay for towing fees. Afterwards, it is sent to auction, you pay what is left after auction.

Answer by  carowner (5)

You could get some amount of money back based on the number of days you used it. This will atleast help you to clear atleast 50% of your loan amount.

Answer by  KenMasters (12)

When you give yout car back, you don't get any kind of compensation, the money you invested on it, is lost for ever. Best thing you can try to do, is to sell it for a low price and tell the buyer that it's now his responsability to pay the rest of the car.

Answer by  youngsc (122)

I don't think places will just take your vehicle back if you can no longer make the payments. Sounds like you probably shouldn't have bought the car.

Answer by  amtcura66 (1340)

It really depends on who you give it to. Whoever gets it probably cleans it out because they don't trust your cleaning abilities then they put it on sale again because they don't want your crap. If they don't have a car then they will probably just use that car.

Answer by  laura27 (1216)

Its best to give the car back if you can't pay for it, its better than getting a repossessed. The bill lenders will forever keep hounding you about payments. tTry to see could you work a more affordable payment plan out with them. If not just give car back and you'll have to pay loan the best way you could.

Answer by  Jag636 (94)

You will still owe the bank their money. The delorship is not the one that has financed you and has already got the money from the bank. Check your local laws.