Quick Loan Question

[injendsm]

I'm not asking this for any reason outside of plain curiosity. Basically, I'm not sure if I'm going to keep my GTP when I get my next car or not and was wondering how best to go about the situation concerning it. I got it via a loan and I still owe some money on it. Is it possible to just give the car back instead of paying off the remainder of the loan or would I have to get someone to either take over payments or buy it outright? I'm assuming it's the latter since the former would probably look bad on my credit report, but I figured I'd ask just to see.

[lukeinva]

I'm not sure what your asking but you can trade the car in and the dealership will pay the car off, or you can sell it to someone pay the loan off and send them the title, but I dont know if someone would go for that! I dont think you can just give the car back!

[Simans82]

You definitely can't just give it back. Boy would that be the life! I'd have a new car everyday. lol

As stated above, sell the car outright or trade it in on your new ride. Selling outright is the best bet for your wallet though. You'll typically get more when selling private.

[mjr5150]

You have alot of options here . You can trade it in at whatever dealership you are looking at . They pay off the loan and roll whatever the difference is between what you owe and what it's worth into your new loan payment . You are usually always upside down on a loan....meaning you will owe more than it's worth . That is why it is important not to get too low-balled on your trade . Try to negotiate the new car price first . If they ask you if you are trading anything in today........NOPE !!They will try to impress you with your trade in value(not at first...but eventually....and then take back this graceful offer in the form of anything they were going to give off sticker price !! Get the real price of your new car down from sticker......bottom line........just before you settle.......drop the bomb on them and tell them '' Now if I was interested in trading in my car ...what would you give me for it ? This is a back and forth game . Walk out at the first offer....insulted.....like he just said something negative about your family !! Most will not let you go away mad . If they don't blow you away(they wont!!) leave and tell them to call you when they are serious and want to do bussiness with you . Be prepared for dis-apointment . Never let them see you sweat . Now....if you play your cards right...this will lesson the dry humping.......you will almost always get at a car dealership . Remember ....you are not desperate...have a beautiful car....and dont really need it . Convey this attitude......even if you dont mean it . Border on arrogant . It's all a game .Everybody has to make a buck........everybody has to eat........but make your fairest deal . They will also tell you that there is less tax ramifications on your new car price.......less your trade-in value if you have any (which , again , you usually do not). You can always sell it if you are paying off the note....or the seller is(but this one is a little tricky). Good luck whatever you choose and put your game face on........cus you'll be playing one . Be persistant and go to a few dealers............end of the month(last day is best....but be real and ready to make the deal.......and you shouldn't get walked). Best of luck , Mike .

[srt8danno]

Giving the “car back” would be similar to letting it get repossessed and it would be horrible for your credit score. You’ve been given some good advice. I personally would try and sell it to someone else as you never get what you want for it from the dealership. Run some ads or hang-up some fliers around campus and see if you can find a buyer. Then you can go to the dealership and not have to fuss with a trade in. Good luck and let us know how it goes.

[mm300c]

The LAST thing you want to do is turn in your car. As stated above it will be seen as a repossesion, a voluntary one but it still does the same thing to your credit report. You will lose at least 200 points on your credit score if you turn it in. You only have three options: sell the car, trade it in or keep it until you pay it off and put off getting your 300.

I am a manager with the biggest bank in America. I have been in banking for over 8 years. If you have any questions about this let me know. Good luck....

[injendsm]

I was pretty sure giving it back would be as you guys said. I'm going to try to sell it outright, which I don't think I'd have a huge problem with since it's a 97 GTP with only 78k miles and in pretty good condition. I may be putting off the purchase of my 300 for a little while, unless of course I can find a nice low mileage C. Thanks for the answers everyone.

[srt8danno]

I think you’re being wise with your decision making. At least you’re thinking this thing through and not running out halfcocked doing stupid stuff. Do what you can and don’t put yourself behind the 8 ball. Good luck!