Car Question........(re: reposession)?

mbrcatz

Yes, it's a voluntary reposession.

krennao

Repossession would be if you stopped making payments and they have to come get the car. However you just can not return a car because you don't want it anymore. Your best bet is trade it in for something you want. Or out right sell it to a private owner for the cost of what is left for payments.

erica19771996

Any reposession will go on your credit, if they come and get it....But, what I don't know is if you return it willingly, if that is actually a repo. Keeping checking.

Scott H

Yes, it will damage your credit. You don't just change your mind. You signed a contract. You are bound by the terms of that contract. You owe the dealer a specific amount of money, and they will do whatever to make sure you pay it. Even if you gave the car back, you still owe the money.

JetDoc

Yes. Unless you can work out some sort of a deal with the seller to take car on consignment for resale, it will show on your credit report as a repo. Talk to the dealer and see what arrangements can be made.

omallory_us

by signing there credit contract you entered into a contractual agreement which means you are responsible for making all payments on the loan and unable to return the car just because you don't want it any longer it will go against your credit report if you fail to make payments that will result in a default on the financing thus leading to a repossession and a repossession will ruin your credit

The Eagle Keeper

You simply cannot return a car. You bought it & signed a contract saying you will pay for it. The only way to get out of it by taking it to the same dealer is if the car is worth more than the payoff. It could count against your credit, but that's not a guarantee. Never do on the lot financing again. I'm willing to bet you got cornholed.

Ash

They will normally buy it back from you and id the car is worth more than the finance remaining you shouldn't have any problems if its the other way round you may have to pay a fee to leave? You could always find out how much you need to pay off the finance in total and then sell you car at that price or even higher if its worth it thus making you a profit.
PS i've done this and it just shows as a credit agreement has been all payed up on your credit file so will look good if anything

dark_angel_91585

Well, you can't just return a car, but the dealership will probably trade you out of it and into something else.

dakota

I would resell it myself for whatever i owed on it, and then pay it off. But that all depends on whether you paid a reasonable price for the car, and whether you can find a buyer to take it from you for that price.

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