anti-something Posted December 22, 2004 Report Share Posted December 22, 2004 DH and I were talking last night about our money hungry car, and i ended up saying 'lets just give it back!' he thought i was nuts (well ok i am, but anyway) can you 'give back' a car?its about even on owed vs worth. Link to comment Share on other sites More sharing options...
willingtocope Posted December 22, 2004 Report Share Posted December 22, 2004 Nope...fraid not (unless you bought it from a friend or family member). Car dealers just don't look at it that way. If you traded it in on something, they might give you 70% of what its worth and add the balance onto the new car. The other possibility is to sell it yourself...pay off the loan...and go get something you can afford to run. Link to comment Share on other sites More sharing options...
bigdaddyroy Posted December 30, 2004 Report Share Posted December 30, 2004 I think I read somewhere that if you give a car back it is considered a volunteer reposession. However, many dealerships and/or car finaces place wil not tell you this and simply take the car back and auction it off with you owing the difference. It will also be listed on your report as a straight repo. Just my 0.02 cents..... Link to comment Share on other sites More sharing options...
DocDon Posted December 30, 2004 Report Share Posted December 30, 2004 Correct. You can do a voluntary repossession, but it's hardly worth the damage to your credit.What you can do though, is sell the car to a private buyer, and when at their bank (have to watch accepting cashier's checks, as many are bogus), have the bank route the funds to your lienholder (OC) and request a release of lein letter for the new owner. Now you have a paid auto loan, and can get into something more managable.All this, of course, providing your credit picture won't hamper your car shopping. Nonetheless, a voluntary repo will ruin any chance of getting into another car any time soon. Link to comment Share on other sites More sharing options...
sdc2027 Posted December 31, 2004 Report Share Posted December 31, 2004 I think I read somewhere that if you give a car back it is considered a volunteer reposession. However, many dealerships and/or car finaces place wil not tell you this and simply take the car back and auction it off with you owing the difference. It will also be listed on your report as a straight repo. Just my 0.02 cents.....This is exactly what happened with me.... Except they didn't change anything on to the CRA -it still lists as open and as only 30 days delinquint from march of '03 I'm not DVing this one, talk about a sleeping giant!! Link to comment Share on other sites More sharing options...
DocDon Posted December 31, 2004 Report Share Posted December 31, 2004 Yikes. That is lucky. Link to comment Share on other sites More sharing options...
blrogs Posted December 31, 2004 Report Share Posted December 31, 2004 you can probaly forgive my spelling, contest this with it was due to a transistion in the paperwork, this happened to me with GMAC and was deleted Link to comment Share on other sites More sharing options...
Rezin Posted December 31, 2004 Report Share Posted December 31, 2004 I was stupid and did a voluntary repo 10 years ago. I am still getting grief over it. Nothing on my reports anymore (Just had the last judgement vanish). Definatley a way to get screwed. Link to comment Share on other sites More sharing options...
DocDon Posted December 31, 2004 Report Share Posted December 31, 2004 you can probaly forgive my spelling, contest this with it was due to a transistion in the paperwork, this happened to me with GMAC and was deletedIf there's only one 30-day late, I wouldn't touch it. Since FICO begins to loosen its grasp after 24 months, deleting the entire tradeline will cause the score to plummet from the loss of the history. Link to comment Share on other sites More sharing options...
sdc2027 Posted December 31, 2004 Report Share Posted December 31, 2004 I agree not touching it, and the new car I have is helping with my score much better. Link to comment Share on other sites More sharing options...
out4good3 Posted January 3, 2005 Report Share Posted January 3, 2005 If you're not upside-down on the car and you're fairly certain that what you owe is close to the blue book value, try taking the car to Carmax and having it appraised. If they appraise it for what you owe, higher, or lower if you can stomach paying the difference, then sell it to them. That way the loan would be paid and you'd have saved your credit from a major ding.I've found them to be more than fair in their assessments of what a car can possibly be worth. I've even sold to them for $150 a car that I had to pull to their lot.Try them. In most cases, they will always offer you something, even if the car is a rustbucket. Link to comment Share on other sites More sharing options...
out4good3 Posted January 3, 2005 Report Share Posted January 3, 2005 Nonetheless, a voluntary repo will ruin any chance of getting into another car any time soon.I don't think this in necessarily true. My mom and dad had a Caddie that they had rolled some heavy duty negative equity into that they were paying an obscene amount of money monthly for. The car was beginning to fall apart and they figured that they would never have any positive equity through the duration of the loan.They opted for a voluntary repo and were into two other newly used cars within 45 days.All they did was beat the negative tradeline to the CRA.They're now driving two cars for the price that they were paying for the Caddie. Link to comment Share on other sites More sharing options...
DocDon Posted January 3, 2005 Report Share Posted January 3, 2005 I don't think this in necessarily true.It is very true unless you have the ability to jump into another vehicle right away like your parents did. Link to comment Share on other sites More sharing options...
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