Can You Give a Car Back to the Car Dealer or the Finance Company Once You've Purchased It? What Do You Think?

Hi Tony,

Can I give my car back to the bank or the car dealer? I purchased a new car last September and can no longer afford the payments. What is the best route for me to take?

Is it possible for me to approach the finance company or the car dealer for assistance? Will they take it back and cancel out my payments?

I wish I was aware of your web site before the purchase. I'll know better the next time, and I'll be sure to spread the word about your web site.

Thank you . . .

Autumn L.

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Hi Autumn,

You can talk to the finance company for advise, but there's no giving the car back unless you bought it from a buy-here pay-here car lot that does it's own financing.

You can't give a car back a week after buying it let alone 7 months later. You either "bite the bullet" and make the payments on time each month, or they will repossess the car. Once this happens your credit will be in the toilet and there won't be a "next time" for years to come.

Good luck . . .

Tony Iorio
http://www.insidercarsecrets.com
http://www.used-car-warranty.com
http://www.car-loan-quotes.com

A Question About Credit Disability Insurance on a Car Loan!

Dear Tony,

I financed my car through United Auto Credit and I have recently become disabled; Not permanently but for a while. I was wondering if you get a high risk loan I heard that they automatically give you disability insurance that will pay your payments until you get back to work. Any info on this would be greatly appreciated as United Auto Credit is giving me no info.

Thanks

Jessica M.

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Hi Jessica,

Credit Disability Insurance is always optional. Sometimes, car dealers will include it in a car payment without telling you, because they make a lot of money on it! Still, you have to sign the policy, and they have to give you a copy of it along with your finance papers.

If you still have your original paperwork look through it for a copy of this policy. If you have Credit Disability Insurance it will also be listed separately on the loan contract, so look at that too.

United Auto Credit should be able to look at their copy of the loan contract and tell you if you have it or not. You can also contact the Finance Manager at the dealership where you bought the car and ask him or her to look in their records to see if you have it.

Remember, it's optional, so you may or may not have it.

I hope this helps . . .

All my best . . .

Tony Iorio
http://www.insidercarsecrets.com
http://www.car-loan-quotes.com
http://www.used-car-warranty.com

About Selling Your Vehicle to a Car Dealer!

Hi Tony,

I have an SUV I need to sell right away. Do you think a car dealer would buy it from me?

Thank you . . .

Stephanie

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Hi Stephanie,

If it's a decent and clean vehicle there's a good chance some car dealer will be interested in buying it from you.

Just remember, a car dealer will only pay you wholesale value for it. Just like any other retail business car dealers have to buy at wholesale and sell at retail in order to make a profit.

Visit several different dealers, ask for the Used Car Manager and see what they offer you.

Good luck . . .

Tony Iorio
http://www.insidercarsecrets.com

Question About Trading a Vehicle With Negative Equity!

Hi Tony,

My question is I want to trade in my car for one that is lower in payments. I also have negative equity on it.

What do you recommend I should do? Sorry if someone asked this already.

Jorge

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Hi Jorge,

It's almost impossible to trade down to a lower payment when you're upside-down (have negative equity) in your trade. During my career I tried hundreds of times to accomplish it for people, and succeeded maybe two or three times.

Of course it depends on how much negative equity you have. About the only chance you have is to buy an inexpensive new vehicle so you can stretch the payments out to 66 or 72 months, then hope you can tack on the negative equity. If you end up financing too much the bank won't approve the deal.

Even under this scenario, you may not be able to reduce your payment enough to matter, and if you do you will be absolutely buried in the new vehicle. Instead of trying to reduce your payment why don't you try to figure out a way to increase your income a few hundred dollars a month? It might be easier to do this then to get a reduced payment on a different vehicle.

Jorge, visit Trade-In Questions on my website for other questions and answers on this same topic.

Good luck . . .

Tony Iorio

A Car Salesman Makes a Sorry Attempt to Ream Me Out About My Website!

Dear Tony,

Is this how you make your money?

We make ours by selling cars and not by writing degrading letters about journalists. Can we tell everybody about how sneaky journalists act - maybe twice as bad as car sales people.

Maybe you should list all the benefits of purchasing a new or used vehicle - how maybe someone with challenged credit may seem that they get ripped off but the banks charge the interest rates not us!!

At the end of the day we make things like trades, and credit issues not a problem. We are a service industry not a bunch of scam artists. We work on strictly commission!

As you can see the car industry is in a slump and we need positive press about buying cars. Think about how hard our job is and all the obstacles we face daily.

Thank You,

Dan A.

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Hi Dan,

Grow up and try reading my website before you go writing about stuff that you have no clue about.

First of all I'm not a journalist. I'm just someone who has made a career in the car business and is tired of all the crap that goes on. I've been in the car business 37 years. I know what goes on in the Sales and Finance Dept. I've been a Salesman, a Finance Manager, a Sales Closer and a Sales Manager. I've hired and trained many dozens of sales people.

If you think all these car dealers are innocent and being picked on then you must be living a very sheltered existence. Get your head out of your . . . the ground! There are over 300 pages on my website. Read a few of them. You'll learn a lot about your chosen industry.

By the way, if you would take just a little time to even read my home page you will find that I mention - as I do all through my website - that there are many good and honest people in the car business. If you're one of them then good for you.

I'm one of them and that is precisely why I have decided to "Spill the Beans on the Car Dealers!"

Take care . . .

Tony Iorio

http://www.insidercarsecrets.com