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How do I give my car back if I can't pay my loan?
How do I return a financed car? I can't pay for my car loan after a while, so I want to give the car back.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The answer should be in your contract.
If you don’t see it, just call your lender—not the dealer—to see what you should do with the car.
Keep in mind that a voluntary repossession such as this has the same impact on your credit as an involuntary repo.
You can also try
trading in
your vehicle for a cheaper car and hope that the loan difference offers you some financial relief. So before you turn the car in, run your important errands, go searching for a job, or do other important things, as you won’t have a car afterward.”
View full answer
- Gregory R.
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