How do I give back a financed car?

Answer

According to Nolo, a legal advice website, you can simply call the dealer and return a financed car, but the lender is under no obligation to release you from the debt owed. The lender may sell the car, but you may still be found liable for the difference between the price the lender gets from reselling the car and the price you agreed to pay.

When you are having trouble making car payments, the best thing to do is contact the lender and try to work out an arrangement, according to an article on the Fox News Network website. Some lenders allow you to trade down into a less expensive model, while others may extend the loan term, which lowers your monthly payment.

Turning in a financed car is still a better option than having it repossessed. According to Fox News Network, repossessing a car costs the finance company up to $8,000. You may find yourself liable for these charges as well if you are unable to come to an agreement with the financing company. If you are unable to afford your financed vehicle, your lender may allow you to find someone who will assume the payments. However, this can be difficult to accomplish, as the new buyer has to be deemed creditworthy by the financing institution.

Q&A Related to "How do I give back a financed car?"
1. Make sure you can no longer afford the car payment. Surrendering a vehicle does not mean you will no longer be responsible for the loan - it simply means you may owe less. 2. Contact
http://www.ehow.com/how_5684969_give-vehicle-car-f...
Call and have them pick it up. it's called a voluntary repo. Just tell them you are unable to pay and they will come.
http://wiki.answers.com/Q/How_do_you_give_your_car...
Giving a car a tune up is pretty easy. Basically all you do is change the spark plugs, plug wires, & air filter on most of the newer cars. Older cars also need a new distributor
http://www.ask.com/web-answers/Vehicles/Autos/how_...
1. Find out how much you can afford up front. If you know the ballpark value of what you want to pay for a vehicle, and how much you can afford to pay in cash, you will know about
http://www.wikihow.com/Finance-a-Car
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It is possible to return a car on finance, but doing this may mean the loss of all the instalments you have paid to the company. The finance company will take ...
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