the transmission is going out, tried to trade it at another car lot and was told no reputable car lot will touch it. Please HELP me. What can I do to return this car? and will it affect my credit, was told its not worth what I am paying for it to much of a gap for what is owed.
I'm guessing it was a used car. In most situations, you don't have the right to return a car just because it breaks down after you buy it. If you bought a warranty, you will be covered by the warranty. However, if there was a big sticker in the window with a box checked that says "AS-IS NO WARRANTY" you are probably stuck with the bad car. Lemon Law doesn't cover used cars.
That being said, if you can prove that the dealer knew that the transmission was bad and took steps to hide that bad transmission from you, you might have a leg to stand on.
If you return the car, the dealer will sell the car for whatever they can get for it (probably not much) and deduct the costs of sale. They'll subtract the balance from the amount due on the note. You'll still owe on the balance of the note.
It might be worth your while to see a good consumer attorney. Take your sales agreement (both sides) with you. That document will spell out your agreement and what steps (if any) you can take.
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