Can you give a car back to the bank?

Can you give a car back to the bank?

When you know you can’t afford your car anymore and the repo man is closing in, you have the option of doing what’s called a “voluntary repossession” or “voluntary surrender.” You take your vehicle back to your lender or dealership before it’s taken from you.

What happens when you voluntarily repo a car?

You can voluntarily surrender the vehicle to your lender or dealership on your own. To make a voluntary repossession, you notify your lender you will no longer make payments and wish to return the car. After repossession, the lender will sell the vehicle and send you a statement of realization.

Can I get my down payment back?

Under California’s Vehicle Leasing Act (at California Civil Code Section 2988.7), if a consumer can prove that the dealership’s failure to include the deferred down payments in the lease contract was intentional, then the consumer is entitled to rescind the transaction and get his or her money back.

Can a down payment be refunded?

In most States a down payment for an article is refundable unless there is a written agreement signed by the intended seller and intended buyer that the amount placed as a down payment deposit is not refundable and is to be considered a “liquidated damages” deposit.

Why did my credit drop when I paid off my car?

Other factors that credit-scoring formulas take into account could also be responsible for a drop: The average age of all your open accounts. If you paid off a car loan, mortgage or other loan and closed it out, that could reduce your age of accounts.

What to do when your car dies and you still owe money on it?

Your best bet is roll your car into a new loan. A dealer will take it on trade for what you owe and just add that onto the new car. Keep in mind the dealer will need to find a vehicle with high enough book value and enough discounts to make this happen so you might not be able to get the car you want.