Voluntary Car Surrender | Time to hand it back?

[@captainLoknar]

It's kinda amazing I'm researching this for an hour and nobody ever talks about the payments already made on the car and getting back what you already paid for. Or, the fear that your lender will sell the car for peanuts and make a backroom deal with a new buyer leaving you in the original debt.

[@vvorthabilly]

What do you mean? You don't get any money back when you surrender a vehicle. There's no such thing as a money-back guarantee with the Auto Industry 😂🤣

[@captainLoknar]

@@vvorthabilly yeah isn't that amazing? it's a physical thing and you pay for it but it's worthless as soon as you want to sell it

[@Bigpeness]

Man this don’t tell me nun but talk to somebody wtf

[@Tr3yBangTV]

@@captainLoknarif you return the car the money you paid went towards your debit your returning the car because you can’t afford it

[@Jquintan3]

If you get the money you already paid into the car? Meaning you drove the car for Free? What Clueless world are you living in?

[@thereichscollector]

I got a used car with warranty. The day I drove off the lot the check oil check engine light turned on. This was close of business on a Saturday. I took the car back on Monday and the dealership towed it to manufacturer garage. They said it was just a sensor which that took 2 weeks. I had to scramble to rent a car for work etc. The day i got the car back. The lights were back on again. I myself took the car back to the garage again and this time they said the car needed a new engine and radiator hoses to a tune of $8000. The warranty which cost $1800 said the issue was pre existing obviously before i got the car so they will not pay for the repairs. Im so pissed. Im dropping off the car and the keys. They can sue me, throw me in jail. Im not paying for this injustice.

[@dakuxtcg]

what happened

[@thereichscollector]

@ANGELX55studios I finally wore them down. I paid $1000 only of the $8000 since that bullcrap warranty did nothing. The dealership absorbed the other $7000. Car runs great now. I was super lucky.

[@dakuxtcg]

@@thereichscollector awesome lol!

[@j3fftombstone936]

My car has been giving me consistant problems since the first year i got... i now have around 8k left to pay... the engine light just turned on and im tired of putting more and more money into this car... what would be my best option? I just dont want to go to court or deal with the law aspect of it all... i dont mind hurting my credit as long as i get rid of it.. what would be my best option? Please, i have no one else to help.

[@kathleengarcia4844]

What did you end up dining ? I’m on the same boat

[@cookiee__]

Yeah same boat here car starting to give problems and can’t afford it either

[@CJunior22]

Same with me

[@shonemebiljohn2995]

Did you guys find a solution !?

[@LauraR0ckzLolz]

Same here. I did everything wrong and got a shitty used suv out of it. It's currently been sitting at ford for almost a month now and they tell me I need a new engine. With a warranty I would have to pay at least 7k out of pocket (in Canadian) or about 15k without warranty. The biggest issue for me is I was lied to about it being reliable. It lasted me just over a year. I got it last October. We also told them we would only get the vehicle if they added a winter tire package at no cost since it was USED. Found out when I picked it up, after I already signed papers, that they charged me 3k for them. And they charged me for a new windshield that was cracked at the time of my test drive. So they only reimbursed me for the windshield. Is there any way for force them to take it back? This suv has been nothing but headaches for me, and I'm certain I have other repairs such a ball joints and brake pads to do as well, and I'm sure I would find more issues if I looked. I owe 30k on my loan still, and to me, it isn't worth it to put myself into more debt every couple of years (I give it a few years maybe until the transmission goes, which will cost me thousands more) Is there any way possible out of this? Im currently researching ways I can get rid of it, angry at myself for being so naive and angry at the salesman for taking advantage of my youth and excitement of getting a new vehicle. Honestly any advice would be appreciated, I feel so lost on what to do and I need to figure out my options before I come to a decision

[@wil3978]

What if you don’t get a statement of realization?

[@gphysco]

I had to return my 2018 Corolla due to needing to replace the engine which I had already spent 4k on repairs before. It’s on my credit marked as a charged off. I did get a newer car before returning my Corolla so that way I can quality for the loan. I knew what I was I getting myself into the car payment wasn’t the issue it was constantly repairing the car that just outweighed the value. If wasn’t for the engine I would’ve of kept it still and had 3 years to pay it off

[@SpaceCityBallers713]

About to surrender my vehicle ive paid $5000 in repairs for . Still owe $17k amd paid $10k off . Im done with it i pulled a new car out before ruining my credit . Any tips ? Did they sue ? Whats next

[@user-gx3bl5ij3z]

you didnt mention selling the car to an dealership like carmax all you have to pay the the negative equity versus the trade in value they offer forv the car the sooner this is done the better as the car keeps losing value over time😮

[@tyriek3871]

I need to do that I got mines from nally Toyota

[@luvopndindi610]

And how do you go about selling a car to a dealership, do you go around like you are shopping for a new one and state that you would like to trade in and whats the turnaround time to trade a car in after you got if from the dealer?

[@hoyesmichalos]

Carmax is not specifically mentioned, no. But it is mentioned, paying the short fall is the same as negative equity. Thanks for watching.

[@nikolascamille6728]

Correct but make sure you know you need to pay off the remaining balance of the loan right then and there 🥸

[@MIKU-os2hp]

I can’t make my payments coz of Covid-19! No job! Is that gonna work?

[@matthewdelong3419]

So when I voluntarily give my car back I don't have to go to court?

[@princemaverik]

I think u still do

[@bridgettelliott3220]

What happens at a buy here pay here place with a 12 yr old car 183k miles that's nearly 14k and worth no more than 1500.00 that will not stay running? I pay so much in uber fees and car rentals and am now unemployed bci can't get reliable afford transportation. It's had several axel repairs wheel bearing repairs so they say I had a warranty. But I can't control to pay them 400 a month when I can't even get my vehicle to start. Every 6 months they charge a 928.00 tax and interest fee. That they will gladly "help" you if you can't afford it.....they add that onto your loan. I can no longer pay for this car. It's not even safe to drive They have lied and are so crooked. No one will refinance it. It's too old and too many miles and too upside down.

[@EliteConversation]

Buy here pay here won't report to your personal credit when you return it. You I'm a good position believe it or not. Just go drop it off at their front steps and tell the finance manager

[@bridgettelliott3220]

​@@EliteConversation I did that I told them both in writing through an email and also on a phone line that's supposed to be a recorded line that I was voluntarily giving the car back and they could take it and keep it. I'm done with them I'm tired of the c*** I've been through so now they're sending me letters about how they're going to Sue me and how I owe all this many and all this stuff They keep harassing me of repayment I made my payment I was 2 days late and I went up there and I made my payment . That car is not worth no more than $1500 that would be maximum and my one was for 13000 actually over 13000 And they keep adding all these fees and this stuff in the other I was able to find a better vehicle that is a whole lot newer it's still used because I can't buy new because Of my credit but it's in way much better condition it actually starts on a daily basis way Less miles But they are Hassling me over the balance The name of the dealership is America's car mart and they are supposed to be so fantastic and they're just as crooked as any other buy here pay here place. They are no different and their website is full of live wise they advertise how if there's anything wrong with the vehicle they make sure that all the engine electrical and brakes tires et cetera is working and they don't my car hasn't worked since I've had it and I've had it a year and a 1/2 it's not dependouble I have to rent vehicles or pay ubers and lifts which cost me a fortune so therefore I can't make the payment because I can't make a car payment end Pay for other means of transportation

[@christophertmunro4503]

What about returning the car because the parts for it are way too hard to find???

[@hoyesmichalos]

Finding parts is outside our expertise too unfortunately. But giving it back and paying the short fall would be the same steps.

[@Jennifervision-i6l]

I would do a short sale so it doesn’t effect my credit

[@dajlove7104]

What if you purchased the car two months ago?

[@sig702]

My co worker got a car that he could not afford. The guy is not exactly bright unfortunately and he fell in love with a car way out of his reach and got it anyway. He lasted like 6 months till he could no longer make the payments and got repossessed. He ignored the collections agencies and pretended like nothing happened and its been 4 years and they never sued or got his wages garnished or anything even though he owed like 30k. Guess he got lucky lol

[@jdoggydog]

They just want the car back .

[@ericausbon515]

He got lucky

[@uutube243]

He got 1099-C’d is what happened. Again not bright enough to know what that statement was when received in thr mail. The deficiency was charged off as his income and reported to the IRS as taxable income for that year.

[@babayagajmw2953]

Wait what?...please explain what you just said ​@uutube243

[@97MRALIG]

I got a car yesterday but don’t want it and the car seems to have an issue. Is it possible to contact the finance company and then somehow get my money back? Pls I need help I’m desperate

[@joepiacente2311]

My wife and I are only on social security,can I return our car to the credit union without paying on the car

[@SpacemanDanny]

I got a jeep compass beginning of COVID and got ripped off with a long term contract and now 2 years later it giving me problems, I heard about sure ending the car to the lender but I also heard they can still come after me after the 7 years that your credit is ruined. Idk what to do, I have tried trading it in but the value of the car is 15k and I still owe 24k. Any suggestions?

[@motivationfind101]

Bankruptcy!

[@chucalissa9231]

Dings the credit !!!

[@hoyesmichalos]

Not being able to make payments does too. ;)

[@johntran7021]

I surrender my car give key 🗝️ and sign paper ...and also park at lenders location that share parking with surrounding store and target....but lender don't tow my car so what happen to overnight parking ticket or overnight tow who responsible to pay

[@therealburnzbeatzburnzbeat8008]

Is this gonna mess up your credit?

[@hoyesmichalos]

If you're in a position where you might need to consider such an option, credit should not be top of mind. You can learn why here: www.hoyes.com/blog/ Or give us a call a talk to a licensed professional for best advice.

[@sophiabarbosa3522]

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