Why can't people sell their cars?

Question

I read someone else's question about getting her car repossessed. Why can't people just sell their car back to a dealership and pay the difference? How does that work?

Answer 1

Why would the dealership want to buy the car back? Thier job is to sell them not buy them, particulary in the current financial climate. "Sell, sell, sell", not "Buy, buy, buy".

Answer 2

yeah, it should be that simple, ..

but its not.

the dealers would end up losing money, and be overpopulated with a whole bunch of used cars, in who knows what conditions all, because people dont pay their loans, what needs to be done, is people need to know what they are signing BEFORE they sign, but over 80 percent of people do not know what they are signing when signing any loan. Did you know most loan documents, have several illegal statements through out the documents?? they do.  And if more people knew about them, there'd be less repo's.

good luck

ps look for a book out in the fall some time, prob late fall called

THE UNIVERSAL DRAFT MANUAL...by M. Diamond.

It'll show you how to get out of those situations, step by step.

Answer 3

The whole reason why they are getting their car repoed is because they do not have money and you need money to pay the difference you are owe when you sell it back.  And, to all the people that think dealers do not buy cars, YOUR WRONG.

E.G.

The car is now worth $20,000 to the dealer you owe $35,000 you do not have money for the $500 payment you sure do not have the $15,000 difference to pay the off.

Answer 4

If they were responsible enough to do that, they would be responsible enough to make payments.

Answer 5

The deal is this . The dealership doesn't want the car they want the money.If you knew that it was going to be repossessed you could sell it to some one , but you would have to pay it off to get the title. Know if you had  the money to pay it off it would not be up for repossession.

Answer 6

Because their car is most likely worth less than what they owe on it.  They owe money to a credit agency not the dealership.

Answer 7

>> sell their car back to a dealership and pay the difference?

It is the "pay the difference" part that they don't have the money for.

Yup, people buying stuff that they can't afford. The American dream.

good luck...

Answer 8

Chances are that if you don't have the money to make the monthly payments, you won't have the money to pay back the difference.

Answer 9

Somnetimes they are in denial. They think they'll find a way to pay.

Sometimes they are upside down, the car is depreciating faster than they can pay for it.

Answer 10

The car isn't repossesed by the dealership.  It is repossesed by the bank that the person got the loan from.  Used cars are not worth as much as new cars are - period.  People have no idea if you have taken care of the car (changed the oil, etc.) and are less willing to take a chance on them (you have to offer them at a lower price to make it attractive to buyers).  It would be illegal for a dealership to try to pass of a used car as new.

If someone could "pay the difference", then they could make payments on the car, right?  See "the difference" is pretty high considering how much the value of the car drops once you drive it off the lot.

The bank doesn't want to reposses your car.  They want their money back - they have no use for your car.  They are just going to sell it, for whatever they can, to try to recoup whatever they can of their money.

Answer 11

It's not that easy, they have signed a contract to make the car payments. They are in breach of contract by the time the car is repoed. Plus, as said above, dealerships are in the business of selling cars, not buying them.