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We really can't afford our car anymore can we return it?

We've had our car since 2007 but its been really tough making the payments, can we just return it? Or something without ruining our credit?


Asked by TuckyGirl at 2:56 PM on Oct. 16, 2009 in Money & Work

Level 6 (111 Credits)
This question is closed.
Answers (12)
  • I think the only way to get around ruining your credit would be to sell it, but then you have to sell it for enough to pay it off. Especially since you've had the car 2 yrs, I really doubt they'll let you just return it. You can always try, it never hurts, but I wouldn't be too hopeful.

    Answer by tropicalmama at 3:02 PM on Oct. 16, 2009

  • Probaly can't return it...See what you can get selling it...

    Answer by bumblebeestingu at 3:05 PM on Oct. 16, 2009

  • you can voluntarily turn the car in to any dealership that's affiliated with the make of the car, but you will still be responsible for the balance remaining on the car...

    Answer by blueeyedgrl2377 at 3:13 PM on Oct. 16, 2009

  • You can do a voluntary repossession but it will damage your credit. You need to contact your lender directly to arrange that. They will sell the car at auction and you'll still be liable for the difference between what they get and what you owe.

    Your best bet really is to try to sell it. You could also try contacting your lender to see if they can refinance to a longer term for lower payments, or give you a lower interest rate.

    Answer by megan-k at 3:14 PM on Oct. 16, 2009

  • nope sorry

    Answer by mommymeg03 at 3:29 PM on Oct. 16, 2009

  • Sell it, get someone else to take over the payments.

    Answer by louise2 at 3:32 PM on Oct. 16, 2009

  • You can call the place that has your loan and ask them to refinance it for you, or they may allow you 3 months of paying interest only so you can catch up on it. If you allow someone to take over the payments and they don't make them you will be responsible for the balance. I repo hurts your credit almost worse than bankruptcy does, look on line for the blue book value and see if you can sell it, but if you do, you are still going to need a car right? It may be best to try and afford the one you have if it is running well, and has been taken care of, when you go buy another car, it may come with issues that would be more expensive to fix than a monthly payment, good luck! If you have been late on your payments, the next loan will be at a higher interest rate, so be careful!

    Answer by kimigogo at 4:04 PM on Oct. 16, 2009

  • A voluntary repossession is just like a regular repossession, it will damage your credit. It will just spare you the public humility of the repo man hunting you down. When your car gets repo'd they sell it at an auction for dimes on the dollar of what you still owe on it, then they sue you for the balance. Your best bet is to find out the Kelly Blue Book value for your car and sell it for as close to that amount as you can. You probably owe more on it than the KBB value, so you take out a loan to cover the difference, then make payments on that much smaller loan. Ex. they auction your car off for $3k but you still owe $15k on it, they sue you for $12k. Or you sell the car for $10k and take out a loan for $5k. Owing $5k is better than owing $12k, plus you avoid the damage to your credit. Save up some money and buy an old cash car. Also read Dave Ramsey, he has lots of good advice for debt.

    Answer by slw123 at 4:05 PM on Oct. 16, 2009

  • What does your contract say?

    Answer by IraqiVetWife at 4:33 PM on Oct. 16, 2009

  • have you considered trying to refinance it to lower your payments? sometimes that can help

    Answer by blueeyedgrl2377 at 4:58 PM on Oct. 16, 2009