Car Loans

[starbuck2005]

My jurisdiction is: Connecticut

I bought a car in NYS. 1996 lumina . The car cost 6996 but with interest rate the car came to 13,000. The car had 130,000. miles on it at that time. I have now paid them about 6000.00 on the car. I want to get another car because I can't keep repairing it and I can't get another car unless I give this one back. What will happen if I give them back the car and the dealership told me to give it back to them because it is not worth the loan. All I am paying for is the interest not the car.

 

[Michael Wechsler]

You have a lease. You've got the terms. If the dealership told you they will absolve you of the remaining balance if you give them the car back, make sure you get it and any other important part of your agreement sealed in a writing. But that is up to the dealership and I don't think they will be inclined just to take it back. You never know.

 

[PILawGirl]

For the love of all that is holy, why would you even pay $6,996.00 for a 1996 Lumina with 130k miles on it!? Kelly Blue Book is your friend, use it next time.