Sadly, it is expensive to change your mind, when the purchase is made in cash. if you're able to convince the dealer to take back the car (and return your cash) this would be possible; but in most cases, at least part of the agreed-upon vehicle price typically changes hands before you can go back on your deal.
beyond that concern, there's also the car's negative equity. what happens when someone buys a new car for $20,000 and immediately trades it in? they get $5 for their trade-in–that was absorbed by all of us through higher sticker prices for new cars. that leaves them feeling shortchanged with just $15 less than they owe on their trade–
can you return your car if you can't afford it?
that largely depends on the type of car and the terms of your vehicle contract. if you financed a car, then it's likely that you will need to contact your lender or loan servicer to make arrangements for late charges, penalty fees, and potential other costs. generally speaking if you can't afford your car payments any longer than 60 days after they're due (for example), then contacting the lender is advisable in order avoid costly legal and collection issues down the line.
some lenders may be willing to work with you even without 60 days left, but we advise against trying this before talking with them first! that could lead to snowballing interest and penalties that are far greater than what they would have been had the issue been
can you return a car you financed?
yes, if you have the title. if you turned in the car and did not notify the finance company, they would continue to think that they were funding your loan. you can also owe money on a car that is leased by simply taking it back to the dealership with your license and credit card information. this information will be entered into their system, letting them know that you are no longer leasing this vehicle.
a word of caution though – if someone else co-signed for this lease or purchased this vehicle while leaving another individual on it (i.e.: spouse) then they need to contact the finance company immediately less risk them continuing to think that they are funding your new purchase. a lot of people don't even
how do i surrender my car i can't afford?
the first step is to speak with a company that specializes in car sales. these companies may offer a low payment for the car that you cannot afford, and then return the car when they have received their money back from your previous loan/credit card company. alternatively, they can identify if it's better for you to sell your vehicle to them at a very reduced rate so that you have some cash on hand until you are financially stable again. speak with someone from these types of companies as soon as possible. there may be other options available depending on the situation, but the advice given here will be helpful in many cases.
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