How do i go about returning my financed car?

Question

I have a 2006 Saturn Vue. I don't want to keep it but i still owe money on it. Is there something i can do? Can i sell it and transfer the title? Can i take it back or something? Can some one help me

Answer 1

Sell the car and pay off the balance.  Turning the vehicle in is the same as a repo.  They will sell off the vehicle at auction and come after you for the balance, plus legal, and auction fees.

Answer 2

Auto finance is what I do for a living and when a vehicle is repossessed the lender sells it at auction for less then it's worth and then comes after the customer for any remaining balance plus all fees for towing, storage, reconditioning, auction, interest, lawyers and anything else they can think of. This normally amounts to several thousand dollars and when you do not pay they can take you to court, get a judgment and at that point attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own like cars, boats, land and homes.

All of this will show on your credit for the next 7 years making it very hard to get any other types of loans without making massive down payments, paying huge fees and State maximum interest rates.

You are always better off to sell the vehicle and take out a loan for the difference this way you save you credit.