Can I give my finaced car i owe on back ????

Question

i owe about 4,000 on my car was repoed but i got it back want to get rid of it and finance new one can i just give it back for like not being able to make payments or something must i pay the rest

Answer 1

you won't be able to finance a new one.....their going to see the owing balance on their computer when they run your credit. Only bad things can come from not paying off your car. Call a debt consultation place so they can help you pay it off.

Answer 2

You can't make the payments on the car you currently have. What makes you think anybody is going to loan you even more money for a new one?

Answer 3

If you owe more than the car is worth, then that is called negative equity and will work against you.  Your new loan, if you can get one, could carry the balance of this minus what the vehicle is worth, then add that to the balance to your new note.  You'll wind up having a very high monthly note.  It would be better for you to sell it outright, and then pay off that debt....then try to get financed for another one.  But since they've already repoed your car once, financial institutions may be hesitant to let you borrow again anytime in the near future.  Best of luck to you.

Answer 4

You can't give it back, if you do you will still owe the money on it and no one will want to give you a loan right after a repo.