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I brought a used car and i’m finding out that it has so many problems i still owe on the car. The thing is i want to take it back. I don’t want any money back from the deal i just don’t want the car and i don’t want to owe payments for it either.

8 Comments »

1. 

   I am not sure exactly what your problems with the car are but there is something called the Lemon Law and there is a website that you can check out. If your car was sold to you and had a problem before you got it there is a law that will protect you.

   Comment by Lumberjack — September 13, 2011 @ 6:40 pm

2. 

   Dear God

   You people who think the Lemon Law is a magic wand for all car transactiosn really need to stop and educate yourself. The Lemon Law has absolutely no bearing in this situation. At All. Period.

   Used car purchases are AS IS with no right of return. Not three days, three hours or three minutes. Lemon laws only protect buyers of new cars or cars still under manufacturer’s warranty. Even then, the issue has to bea significant problem that the dealer is unable to repair after multiple attempts.

   What our asker is looking to do is called a voluntary reposession. If you have a car financed, you cannot simply hand it back one day and call "Game Over" That’s not how finance contracts work.

   If you give the car back, it will be sold at auction. Whatever it brings will be deducted from the balance of your loan. So if you ower $6000, and it selld for $2000 – you will still owe the $4000 difference. Plus you will owe repo fees, tow fees, auction fees, storage fees and a fee for processing all the fees.

   The bank has the right to take you to court and seek a judgement against you. With that judgement, they also have the right to request granishment of your wages until the balance of the loan is satisfied. Then after the balance is paid in full, it will be a black eye on your credit for seven years or more.

   Comment by xx_satanic_mechanic_xx — September 13, 2011 @ 6:40 pm

3. 

   One small problem – you signed a contract. What most people don’t understand is that after the sale, the car and the loan are two distinctly separate things. No matter what you do with the car, you still have to repay the loan. So if you don’t want to owe payments, then pay the loan off. Because you’ll owe payments until you do.

   In other words, you cannot just walk away from a car loan.

   Comment by Scott H — September 13, 2011 @ 6:40 pm

4. 

   Sorry, Ashley, the car is yours now, like it or not. Even if you took it back to the finance company, they will not be able to do anything with it, and you would still pay on it :{

   Comment by not 2 B fooled — September 13, 2011 @ 6:40 pm

5. 

   You can. But you will have something called "negative equity" its when you own more on the car then its worth.

   Example: your car is worth 3,000
   You own 6,000

   your negative equity is 3,000. That is 3,00 you HAVE to pay. If you trade it into a new (or newer) car, you will still carry that negative equity to your next loan. Essentially digging you into a hole of debt and eventually you will have so subside and hold on to the car because your to negative, and now you back where yo started, trying to keep up with repairs and bills.

   pay it off then trade it in or sell it

   Comment by Cody M — September 13, 2011 @ 6:40 pm

6. 

   You borrowed the money to buy the car. You have to continue to pay till the loan is paid off. It is up to you to keep it running. When you buy a used car it is an "as is" deal. Having a car checked out by a mechanic first is always a good idea. Pay it off or sell it.
   Good luck.

   Comment by sarahsmile90 — September 13, 2011 @ 6:40 pm

7. 

   No.. Not unless you’ve only had it for a couple of days. If you’ve had it for quite a while you are screwed.. You shouldve gotten a warranty.. They are expensive but they come in handy if you have a lot of problems.

   Comment by p2000camaro — September 13, 2011 @ 6:40 pm

8. 

   Call the dealership and tell them that you think the car they sold you is a lemon. Ask them if they will buy it back from you for blue book value. If they say yes, then great, you get a few extra bucks to get a car at the sheriff’s auction. If no, then offer to go to the attorney general and report them for failing to divulge the important facts about the car before they sold it to you. Offer to picket their store with a few friends in wheelchairs, and to make sure the picketing gets plenty of coverage by local news.
   They will probably buy it back for blue book just to get rid of you. You have probably already paid them more than that lemon is worth.

   Comment by rainbeauclown — September 13, 2011 @ 6:40 pm

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