Join Date: Jan 2002
Location: Baltimore, MD
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Originally Posted by Karennnnn
..... But voluntarily turning your car back in? Don't you have to pay the difference in what's owed back to the bank? Even though this would be a blow to our credit, believe me, it would be worth it to save probably $300 or more per month.
DH is working for another dealership and asked one of the financial guys about this; they said that the bank would probably try to get the difference owed but legally they don't HAVE to get it from you because you gave them the car back. Or something to that effect. I have a hard time believing this. Seems to me like you'd still owe the money...
The car is brand new.... I just looked up the blue book value and it's somewhere between 10 and 12K as a trade. So that's basically how far we'd be in the hole considering that's roughly half what the retail was for that car. Karen