alex valdez,Popular 365 Question

What happens when u return a car to an in house finance dealer and u only owe 2000 left ?

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3 months ago 8

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  1. AlCapone

    These kind if dealers (buy-here-pay-here) will typically take your car back and simply put it back on the lot waiting for the next sucker, assuming you've already paid enough that he has recovered his investment. However, if you still owe most of the original price of the car, you can expect the dealer to sue you for at least the difference between the car's value and the $2000 that you owe.

  2. Mr.357

    If you are selling it to them or trading in it, probably nothing. If you park it there and refuse to pay the other $2000 you agreed to pay them, it will ruin your credit for the next 7 years, and if they sell it for less than the $2000 you owe them you will owe them the difference between what they got out of the car, the $2000 you still agreed to pay them, plus any legal and other reasonable fees.

  3. KY-Clay

    This is called a voluntary repression. They will sell the car for whatever they can get and you will owe them the difference in what it sells for and what you still owed. Your credit will be ruined for 7 years. Avoid this if at all possible.

  4. Snezzy

    You still owe $2000, in most cases. Read your finance contract.

  5. Never

    It depends. They could auction the car off & sue you for the difference.

    Or they just take it and that would be the end of it.

    Might hurt your credit, might not.

    It could go either way with BHPH dealers.

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