According to Nolo, a legal advice website, you can simply call the dealer and return a financed car, but the lender is under no obligation to release you from the debt owed. The lender may sell the car, but you may still be found liable for the difference between the price the lender gets from reselling the car and the price you agreed to pay.Continue Reading
When you are having trouble making car payments, the best thing to do is contact the lender and try to work out an arrangement, according to an article on the Fox News Network website. Some lenders allow you to trade down into a less expensive model, while others may extend the loan term, which lowers your monthly payment.
Turning in a financed car is still a better option than having it repossessed. According to Fox News Network, repossessing a car costs the finance company up to $8,000. You may find yourself liable for these charges as well if you are unable to come to an agreement with the financing company. If you are unable to afford your financed vehicle, your lender may allow you to find someone who will assume the payments. However, this can be difficult to accomplish, as the new buyer has to be deemed creditworthy by the financing institution.Learn more about Credit & Lending
Two ways to obtain financing for a boat include financing through the dealer or financing through a lender. The best lenders for boat financing are those associated with the National Marine Lenders Association. These lenders include banks, credit unions and financial service firms.Full Answer >
Auto finance occurs when someone borrows money from a lender or dealer to purchase an automobile. Common options for direct auto financing include a bank, credit union or finance company, according to the Federal Trade Commission.Full Answer >
If a borrower defaults on his car loan, most state laws allow the lender to repossess the car without any warning, says Nolo. Borrowers with a poor credit history are generally considered flight risks by both banks and may have as little as 10 days after the default of a loan before the lender comes for the car, warns Edmunds.com.Full Answer >
Approach a lender that offers refinancing loans for automobiles, and complete its application, as Chase explains. If you already have an account at a bank that offers this type of financing, consider applying there because many banks offer rate discounts to their account holders.Full Answer >