how to give a car back?
we have a 62 month payments of 436 a month we are moving to ny we won't need it... whats the cheapest way to get rid of the car... can we just give it back or try and sell the payments??????
- Anonymous9 years agoFavorite Answer
No, you just can't give it back. You promised to pay $436 a month for 62 months. I'll bet your contract doesn't say "unless you move to NY". That money has to be paid back. You also can't let someone take over the payments, it's illegal and you are legally and financially responsible for the remaining term of the loan.
- CthulhuLv 59 years ago
Short answer: no. You can try to sell it, but you probably owe more than the car is worth. It's called being "upside down" in a car. Or you could try putting out an add for someone to take over payments. Other than that you are stuck in it.
- TiggyWiggyLv 79 years ago
You have to sell it. You can't give it back, which is considered a repossession which ruins your credit. You can't legally let someone take over payments -- and seriously dumb.
If you sell it for less than your loan balance, you'll need cash to make up the difference. You need to pay off the loan to get the title to transfer to the new owner.