Is it hard to get out of a car note?

Question

i was thinking of getting a car note on a car that cost around 3k to5k, i stopped by this one dealership and the car sales man said since i don't have credit i can get appove by the dealer for any thing on the lot, but i just push him off i was just looking. im almost at 90 days on my job and in need of a car and thinking of payin a note, but im one of those people who think of the bad first if i get the note and about six months in i loss my job will i be able to just take the car back to the dealership with out messin up my credit (first time buyer)

Answer 1

A car note is a legally binding contract.  You are legally responsible for paying off the note regardless of any changes in your personal financial status. (even if you die, you still have to pay off the car).  You can't just take the car back if you can't afford it.  

The only way out of a car note is to pay it in full.  Kinda like eating a real nice dinner at a restaurant and paying for it with your credit card.  You signed the bill and agreed to pay for this meal when the monthly statement arrives.  If you lose your job you can't take the meal back, you've already eaten it.  So your obligation remains, you must pay the bill.

Answer 2

>> but im one of those people who think of the bad first if i get the note and about six months in i loss my job will i be able to just take the car back to the dealership with out messin up my credit (first time buyer)

You are one of those smart people who thinks ahead.

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It isn't hard if you have a stable job and money.  It is always best to save up and pay cash for it.

Good luck...

Answer 3

to answer your question the answer is no

Answer 4

There is something wrong with this picture.....you don't have credit but can get anything on the lot, 3-months on the job, and a first time buyer. Unless you're dealing with a "buy here-pay here" lot, I don't see you getting a car loan. Usually a "buy here-pay here" lot charges an extremely high interest rate and the type of cars they sell are usually junk. If that is the case, think about it first. It'll pay off to try and get a car the  conventional way.

Answer 5

The car loan is a binding contract.   It is also recorded with Department of Motor Vehicles.  Thus, if you have car repossessed from non payment o loan, it is on record. It will be on your credit report. I look at credit reports, as a mortgae broker.  I see this hapen.