you want to return your car to the dealership because you dont want to pay for it anymore? what does the previous owner have to do? do they pay anything? or just completely stop the payments and call it even? anyone experience this? curious question ive been wondering for a lil. just use my case if you need more details. so for example... i bought an 07 G35 Coupe 6spd and want to return it to the dealership. i didnt put any down payment. just straight financing. 730 a month. what would i have to do if i wanted to return it. (this is just an example. this isnt a true stroy. just want to know the answer). aite thanks

 

More details....

 

If you bought it, you have to sell it and pay the bank w/e you have left on it. You cant return a used car to the dealership unless you're leasing it.

 

so wouldnt i just sell it back to the dealership?

 

You would have to sell it back to them.....be prepared to bend over and grab your ankles (though it looks like you already did with the financing.....).

 

you'd be better off selling it to a private party, the dealer will rip you off.

 

you can, but you won't get a good deal for it and end up losing tons of money.

 

You're gonna be so upside down, it won't even be funny. Imagine paying on a car you don't own anymore.

 

well technically i dont own the car... the bank does. so how would i sell it to a private owner? have the buyer buy the car from me and i pay the bank? is there a way for someone to take over my financing?

 

0.33 sec on google. Learn or bring lotsa lube.

http://articles.moneycentral.msn.com...ouDontOwn.aspx

 

Why would dealership take it back and call it even? It has nothing to do with your dealership, they don’t own the car, your bank does, you will have to satisfied the “payoff” amount, you could call your lending company and tell them to take it back, they will sell it at whole sale price if not lower, plus whatever fees they seem fit to tag on, and you would have to pay the difference, in your case? You still probably still owes around 35k? Your car probably only worth 28k at wholesale, you would need to come up with 7k.

Assuming a Infiniti dealership is willing to buy it off you, if they do? They are going to offer you wholesale price as well, which is bit below the trade-in value, check out KBB to see the trade-in value on your car, and than call your lending company and see how much you still owe, whatever the difference is? You will have to come up with.

Couple of other options other than sell it yourself, you could find a used car lot like CarMax, it might offer bit more than Infiniti dealership, or find an consignment lot, they will put your car on their lot and sell it for you, they will clean it up and do all the showing and advertisement, they will also do all the paper work and some do offer financing for potential buyer which will makes that much easier to sell your car, after all not everyone have 30k laying around, you could get near retail price for your car but they do charge you a fee, usually around 6%.

If you wants lower payment and looking for different car? you could just trade it in and take few Gs hit but it wont be as bad as just give it back.

Of course you could sell it yourself, have buyer make the check out to your lending company and have your lending company send the title to the buyer, or you can have a dealership to do the paperwork for a small fee. Call up your lending company for exact instructions.

 

this is exactly what the situation im talking about. could you please go more in detail with this. thanks man

 

I'm not sure what details you are looking for, I am just going to take shot in the dark...When you trade-in a car? you will have more bargaining power than say sell it to the dealership, you should shop around to find highest trade-in value they offer, at same time you should also find best deal on your next purchase...You probably need to widen the makes of your next car, like the link "jeff92se" provided said. some makes offers rebates, that could offset some or possibly all of negative equity on your current loan.

If you have some time to work with? try to sell it on your own first, put it on autotrader or something, wont hurt to try.


Edit...You didnt put any down payment, that means you are going to carry few thousand dollars into your next loan, So I would be looking at type of car that offers most rebates and perhap most discounts I could find.

 

thats exactly what i did when i bought my G. previous owner went through a dealer. they charged him about $200 in doc fees. i technically bought the car from a dealer.