I bought a new car and there was 2 contracts one without downpayment and another with downpayment to pay it in one month. but family illnes in 2 relatives put me in financial chaos and i will return the car. what can happen if a return the car unable to pay the downpayment and monthly payment? because family illness ?
There will be a debt collection action. The creditor does not care why you did not pay.
This is general advice. You are anonymous. If you PM me i won’t know what it’s about.
Pretty much the same as if you just decided to breach the contract. Family illness is not a legal reason to breach a contract.
You can ask and see what they say, but you have turned a brand new car into a used car so expect a hefty charge even if they agree to buy it back. You can talk to a bankruptcy attorney. I’m not sure what you mean by two different contracts since there can only be one operative contract though there can be different options under the one contract.
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You should read the paperwork that you signed. It probably states that you owe the entire amount of the loan. If the dealer takes a loss on re-selling the car, after adding various costs of sale, you will owe that amount. You might want to meet with an attorney for a consultation. The attorney can review the contract and look for defects in the contract or other reasons why you may not pay or may be able to negotiate a reduced amount.
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