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Posted in Auto Loans
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Question By
creed1977

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Should I give my car back to dealer? Im upside down & can't refi. Im facing bankruptcy
My boss will help me get a car if it will help my credit situation by turning in my car. The monthly payments are just absurd.

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Returning the car is NOT going to help your situation. Technically, the dealership doesn't even own the vehicle anymore unless it is a "buy here, pay here dealership", if that is the case, then returning it would be a voluntary repossession, which hurts your credit and still leaves you on the hook financially as you would be responsible for any loss they incur and they surely will. If you financed through a bank, then the dealership has nothing to do with this vehicle any more and technically the bank owns the vehicle. Your best scenario would be if you could sell the car and then pay out of pocket any difference to cover the outstanding balance on the loan and get this put behind you. You agreed to the "absurd" payments when you took the car, so you cannot place fault on the dealership.

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