I bought a used car 6 months ago. Is there any way i can return it voluntarily instead of it getting repossessed?

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   Shawn AlexanderPro

   Olga Contracts / Agreements Lawyer

   Contributor Level 20

   

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   Answered January 19, 2013 06:30. Talk with the dealer and the lender, maybe try and sell the car. Repossession will cost you in the long run and maybe you can refinance with someone else would could set the rates a little better for you. If you do turn in the car make sure you have a deal in writing that accounts for your payments and the costs of resale.
   Good Luck

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   Jeffrey GoldPro

   Bellmore Lawsuit / Dispute Attorney

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   Answered January 19, 2013 07:31. You can often arrange to return a vehicle which saves the lender a large sum of money BUT it is still a big black mark on your credit rating. Perhaps, you can negotiate this as well.

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   Stephen Cipolla

   Jenkintown Contracts / Agreements Lawyer

   Contributor Level 13

   Answered January 19, 2013 14:28. I think you should use both approaches suggested by my colleagues. It is generally worthwhile to ask the creditor to cut you some slack and not report to the agencies. The fact that you are willing to try to find a solution rather than making them the costly and frustrating process of attempting collection and then repossession ought to be worth something.

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