_femme333_ Posted May 15, 2007 Author Report Share Posted May 15, 2007 I was meaning to ask if returning the car will affect my credit history? I took away the car from my ex-boyfriend today so I will be taking the car to the dealership tomorrow. Should I know anything before going in? Any advice since I'm clueless at these things. I just hope that once I return the car, then it won't affect my credit rating because I have a good credit score. My boyfriend/fiancee payed $3,000 as a down payment...does this mean that the dealership will take the car back without paying us back the $3,000? I really don't care even if they don't give back teh money since it wasn't me who payed for it. I wanted to know whether we will be paying any penalty fees for just returning a purchased car in 3 or 4 months? I really wish that it would be easy as just returning the car, and letting them keep the $3,000 that was the down payment. My es is leaving teh country soon I would like to sort this out as soon as possible. Please help! Quote Link to comment Share on other sites More sharing options...
Sip Posted May 15, 2007 Report Share Posted May 15, 2007 (edited) Nothing will "affect" your credit unless you miss payments or default on a loan. If you and the dealer come to an agreement for the dealer to take the car back, then that will be that. Even if they take the car "back", make sure you are in good standing with the bank that you make payments to until the loan is paid off. Don't just assume it will all be taken care of automatically. However, it sounds like you really need to have someone with you who knows about making good deals. Otherwise, the dealer will most certainly screw you one way or another. This is the main advice I can have for you. As far as the rest, if the deal is good enough, I don't see why the dealer won't take the car back (as long as they make money on it). But don't just say yes to the first thing they say. Be prepared: 1. Know how much your car is worth (e.g. kbb.com) 2. Know how much you have paid 3. Know how much you still owe on it 4. Have an idea what kind of a deal you expect to get Have a calculator handy and calculate things yourself. Don't let the dealer just throw numbers at you to confuse you. I don't know whether they will just take the car back at this point. It really depends on how much you have paid so far and how much the car is worth (or how much they think they can sell it for). It is also possible that they will want nothing to do with the car if it's not worth it for them to take it the way that it is. Oh and for God's sake, DO NOT sound like you are desparate and do not let them know you have no clue what you are doing!. Edited May 15, 2007 by Sip Quote Link to comment Share on other sites More sharing options...
_femme333_ Posted May 15, 2007 Author Report Share Posted May 15, 2007 I need you to come with me! Or at least someone like you! The car is brand new and it has around 2,000 miles on it....my ex payed $3,000 and the monthly payments are $358. I'm looking at teh contract now and it says that the amount financed is $22,681 with the $3,000 down payment. The $22,681 inlucdes teh taxes and additional fees. It's a 2006 Nissan Xterra which was purchaes only in late december of 2006. The car was used in end of january only so it's in a good condition. What do you think? Sorry for to many questions, but i really need soem help and I want to get all teh advice that i could get before going in... I'm so bad at these things, especially negotiations Thanks in advance Do you think they will take it back Quote Link to comment Share on other sites More sharing options...
Sip Posted May 15, 2007 Report Share Posted May 15, 2007 (edited) I need you to come with me! Or at least someone like you! Haha .. I hate dealers but I doubt you are anywhere close to Wisconsin (where I am now). Any more info about the car you can give will help: 1. Which model is it X, S, Offroad, or SE 2. Automatic or manual transmission? 3. What kind of options does it have? Alternatively, go here and try to put in the info about the car as much as you can. In the end, it should tell you how much the trade-in value is for the car. So if I understand correctly, the total price of the car including everything was $22681. You've paid $3000 down. You've paid 5 months? of $358 If that's true, you still owe about $18,000 on the car (I can only guess what the interest is on it at this point). If the trade-in value is more than that, they might just take the car back easily. It really depends on what the value of the car is now (with all the options etc). Edited May 15, 2007 by Sip Quote Link to comment Share on other sites More sharing options...
DominO123 Posted May 15, 2007 Report Share Posted May 15, 2007 I need you to come with me! Or at least someone like you! The car is brand new and it has around 2,000 miles on it....my ex payed $3,000 and the monthly payments are $358. I'm looking at teh contract now and it says that the amount financed is $22,681 with the $3,000 down payment. The $22,681 inlucdes teh taxes and additional fees. It's a 2006 Nissan Xterra which was purchaes only in late december of 2006. The car was used in end of january only so it's in a good condition. What do you think? Sorry for to many questions, but i really need soem help and I want to get all teh advice that i could get before going in... I'm so bad at these things, especially negotiations Thanks in advance Do you think they will take it back The 3000$ is not really a down payment, it is not refundable because it is deducted from the total worth of the car,(it is not like you leased the car, it is a variable amount, you may have paid more if you wanted to) and what it remains after that is divided to come to the montly payment. Had he not paid the 3000$ the monthly payment would have been higher than that. So your boyfriend will not have a refund, as Sip said, you owe about 18,000$ and from the depreciation value (estimated on the "new" value), don't be ready to make a deal with the dealer, first see what they offer and you might also place an advertisement to sell the car and see how much people are willing to pay for it. My sense is telling me that possibly you will get more by selling the car. One other important note, was the amount you provided includes the interest rate? Or was the car bought with a 0% interest rate? If there is some interest rate, this will affect the dealers decision. Quote Link to comment Share on other sites More sharing options...
_femme333_ Posted May 15, 2007 Author Report Share Posted May 15, 2007 I don't care whether I get money out of it or not. I never payed for the car... It's him who payed $3,000 as a down payment, adn i could care less what he losses. I only want teh car to be given to someone else.. I don't want to go through the hassles of trying to sell it or anything else. He's going to leave the country in the next few weeks so I want to get rid of the car by that time... Also, I did him a favor by helping him to buy it so all I want is to take off my name from the contract... Sip & Domino, I don't know about the questions you asked.... It could be X... but not sure. I was wondering if it would be too much trouble for you guys to quickly look at the contract (I saved it in my computer) to let me know if it will be worth while for me to take it back? I really need help in this....Uup to the ppoint that I'm desparate! If you guys mind, then I understand just let me know because I'll be taking the car either today or tomorrow evening. Thanks for all of your advices... Trust me, I definitely learned a good lesson in this! Quote Link to comment Share on other sites More sharing options...
Aaron Posted May 15, 2007 Report Share Posted May 15, 2007 Hey femme333 One option you should consider is subleasing the car. Your ex had a lease contract of how many months? You simply switch owners for the remaining number of months on the contract ... just have to find someone who's looking for a similar car. I'm actually in the process of subleasing a car. There are websites dedicated to this. ex: www.leasebusters.com First try returning the car, if it doesn't work try subleasing (unless you can't ... I didn't read the details of your story)! Good luck! A. Quote Link to comment Share on other sites More sharing options...
DominO123 Posted May 15, 2007 Report Share Posted May 15, 2007 Sip has more experience than me in that, the only experience I had with a dealer was with the car of a family member not mine. I don't owe a car. So I don't know more on that, Sip on the other hand nearly "collect" cars. So he will be on a better position to give you better clues. I don't care whether I get money out of it or not. I never payed for the car... It's him who payed $3,000 as a down payment, adn i could care less what he losses. I only want teh car to be given to someone else.. I don't want to go through the hassles of trying to sell it or anything else. He's going to leave the country in the next few weeks so I want to get rid of the car by that time... Also, I did him a favor by helping him to buy it so all I want is to take off my name from the contract... Sip & Domino, I don't know about the questions you asked.... It could be X... but not sure. I was wondering if it would be too much trouble for you guys to quickly look at the contract (I saved it in my computer) to let me know if it will be worth while for me to take it back? I really need help in this....Uup to the ppoint that I'm desparate! If you guys mind, then I understand just let me know because I'll be taking the car either today or tomorrow evening. Thanks for all of your advices... Trust me, I definitely learned a good lesson in this! Quote Link to comment Share on other sites More sharing options...
vava Posted May 15, 2007 Report Share Posted May 15, 2007 Guys wait - if we read her message she says: I'm looking at teh contract now and it says that the amount financed is $22,681 with the $3,000 down payment. The $22,681 inlucdes teh taxes and additional fees. It's a 2006 Nissan Xterra which was purchaes only in late december of 2006. The total amount financed is $22,681 with the $3,000 down - does that mean that the car cost $25,681-$3000 down, to arrive at a total of $22,681? Just to set it straight, the dealer won't "take it back" exactly. They will "buy" the car from you, and you in turn, will use that money to pay off the bank what you "owe". Usually this can be done in one transaction, but that is the process. Regardless - the best advice is to know how much the car is worth to the purchaser (dealer or otherwise) and to know how much you are willing to let it go for. For example (and this is only an example, don't trust the numbers!) If say, you owe 18K and the dealer will buy it back it for 18K, then great. If the dealer will pay you 19K, it's even better. But if the dealer will only pay you 15k (ie. they're trying to screw you 'cause they know you're desperate) then you're better off holding on to the car so you can try to sell it privately for a better price. Otherwise you lose the car AND you have to fork out an extra 3K to pay the bank - if you don't it'll affect your credit. I know you don't want the hassle of selling a car, but that's essentially what you're doing, so arm yourself with the information you need to avoid getting taken for a ride (pardon the punn). Quote Link to comment Share on other sites More sharing options...
_femme333_ Posted May 15, 2007 Author Report Share Posted May 15, 2007 (edited) I looked at the contract again, but there are so many numbers written on it that I started getting a headache. Edited May 15, 2007 by _femme333_ Quote Link to comment Share on other sites More sharing options...
Sip Posted May 15, 2007 Report Share Posted May 15, 2007 I could look at the contract but I think it is very important you figure it out now. If you are confused about what the numbers mean, just ask. There is no magic and there is nothing too complicated. Everything should make sense. There should be the following things spelled out in the box titled "Federal Truth In Lending Disclosures": 1. Annual percentage rate - that's the interest on your loan 2. Final Charge - That's how much the loan would cost if you just make the regular payments till it is paid off. 3. Amount financed - I assume this is the $22681? This is the problem vava is talking about. Usually, this is the amount after paying some money (downpayment). Then below all that, there should be an itmized list of all the charges: #1 Is usually the price of hte car (broken down as cash price + accessories they sold with the car) The various fees come after that (doc fees, smog fees, tax, etc) All the itemized stuff should come out to a "subtotal" Then they subtract any downpayments and rebates And that's how you end up with "total amount financed". So actually, if your car's total amount financed was $22K and you paid $3k down, that would mean your car was probably worth closer to $25K out the door. So now, once again, if you want to get anywhere with this, try to go through the kbb.com site and find out how much your car is worth. Quote Link to comment Share on other sites More sharing options...
Accelerated Posted May 15, 2007 Report Share Posted May 15, 2007 I think in all circumstances you would be better off selling the car privately than taking it to the dealer. He/she isnt going to take it off your hands unless they can get a REALLY good deal. Quote Link to comment Share on other sites More sharing options...
_femme333_ Posted May 16, 2007 Author Report Share Posted May 16, 2007 (edited) I'm trying to find out the private Sell value on the car as well as the buy back value. Few quick questions.... What's the Custom Bumper, Custom Paint, and Premium Wheels? I know the meaning of course, but how is the cutom different from how most Nissan Xterras come? Should I put a mark on these boxes? The car is navy blue, but how would I know if it's a custom paint? The bumper is plastic I think... so it shouldn't be custom made right? Also, there's a section where I can check the Mp3 (CD) box, but as far as I know all CD players can play MP3 right? At least the new cars. There's also a section where it says "Dual Front Air Bags" which the car has, but it's also asking for "front Side Air Bags" isn't it the same thing? Note: The car is Nissan Xterra S 4X2 Edited May 16, 2007 by _femme333_ Quote Link to comment Share on other sites More sharing options...
Sip Posted May 16, 2007 Report Share Posted May 16, 2007 If you haven't modified anything on the car, then nothing should be custom. Leave those marks off. Not all car radios can play mp3s. Usually that's an option.l It depends whether or not yours has it. Best way to know all the options is with the "window sticker" (build sheet) that came with the car. Usually the dealers leave that in the glove box. It should have all the options. When in doubt, leave boxes unchecked. That will let you estimate the "lower" value for your car as those options tend to raise it's value. Quote Link to comment Share on other sites More sharing options...
_femme333_ Posted May 16, 2007 Author Report Share Posted May 16, 2007 Here's what I came up with from teh kbb.com website. The Private Sell value was $20,180 Blue Book Private Party Value Private Party Value is what a buyer can expect to pay when buying a used car from a private party. The Private Party Value assumes the vehicle is sold "As Is" and carries no warranty (other than the continuing factory warranty). The final sale price may vary depending on the vehicle's actual condition and local market conditions. This value may also be used to derive Fair Market Value for insurance and vehicle donation purposes. The Suggested Retail Value was $22,790 Blue Book Suggested Retail Value The Kelley Blue Book Suggested Retail Value is representative of dealers' asking prices and is the starting point for negotiation between a consumer and a dealer. This Suggested Retail Value assumes that the vehicle has been fully reconditioned and has a clean title history. This value also takes into account the dealers' profit, costs for advertising, sales commissions and other costs of doing business. The final sale price will likely be less depending on the vehicle's actual condition, popularity, type of warranty offered and local market conditions. But didn't you say that selling the car independently would have been more expensive? I mean teh value would ahve been mroe than the suggested delaer value? Quote Link to comment Share on other sites More sharing options...
_femme333_ Posted May 16, 2007 Author Report Share Posted May 16, 2007 I was also told that carmax will give me the best deal on selling it... i was told that i shouldn't rely on the Nissan dealers. I can go to both places just to see who gives me the best deal. Quote Link to comment Share on other sites More sharing options...
Sip Posted May 16, 2007 Report Share Posted May 16, 2007 These are all suggested values. Private sale value - that's how much you can sell it for if you wanted. Suggested retail - that's how much the dealer can sell it for. Trade in value - how much the dealer will give you for it. Quote Link to comment Share on other sites More sharing options...
_femme333_ Posted May 16, 2007 Author Report Share Posted May 16, 2007 Correct me if I'm wrong , but isn't the trade in value when you want to exchange your old car (as in selling your car to the dealership) for a new car (buying a car from the dealer)? Do I need to know the trade in value since I'm not exchanging the car, but simply trying to sell it to teh dealer? Do I make any sense? Am I driving you crazy with all these questions? Sorry if I am. Quote Link to comment Share on other sites More sharing options...
Sip Posted May 16, 2007 Report Share Posted May 16, 2007 (edited) You're not driving crazy The trade-in is usually the best you can expect a dealer to give you. If you can sell it to them at a higher price, then great. But as a rule of thumb, if they give you trade-in value, then you are ok. If they try to give you less, then there is a problem. Since you don't care about the money spent on the car or the car itself, as you said, if they just take the car back as is and you end up clear of the loan, then great. It is the least-headache way for you. This whole discussion so far is for you to be prepared IF they expect you to pay some more or if they decide not to take the car. Edited May 16, 2007 by Sip Quote Link to comment Share on other sites More sharing options...
_femme333_ Posted May 16, 2007 Author Report Share Posted May 16, 2007 Mersi beaucoup! Quote Link to comment Share on other sites More sharing options...
Anileve Posted May 16, 2007 Report Share Posted May 16, 2007 credit burros :D Is that what you call credit bureaus in Latin America? "Credit Bulls" Sorry Azat jan, but this innocent mistake was very funny to me. What can I say, I have a very primitive sense of humor... Quote Link to comment Share on other sites More sharing options...
vava Posted May 16, 2007 Report Share Posted May 16, 2007 :D Is that what you call credit bureaus in Latin America? "Credit Bulls" Sorry Azat jan, but this innocent mistake was very funny to me. What can I say, I have a very primitive sense of humor... Actually I think it was deliberate - these people can be real "asses" (or eshes) Quote Link to comment Share on other sites More sharing options...
_femme333_ Posted May 20, 2007 Author Report Share Posted May 20, 2007 Would you guys happen to know anyone who's looking to buy a car? I'm selling a 2006 Nissan X-Terra S with 2,580 milage for $21,800 FYI: The price was $25,681 where $2,000 was payed as down payment (you don't need to worry about returning $2,000 at all) and there was a $1,000 Nissan rebate on top of that. I think that $21,800 is a very good price for SUV that hasn't really been used, and it still smells like it's been bought yesterday. Please spread the word to anyone that's looking for buy an SUV. Thanks a lot. Quote Link to comment Share on other sites More sharing options...
Sip Posted May 20, 2007 Report Share Posted May 20, 2007 I take it the dealer didn't want it? Quote Link to comment Share on other sites More sharing options...
_femme333_ Posted May 20, 2007 Author Report Share Posted May 20, 2007 (edited) I didn't take it to the dealer because I was told that I would never get a good deal on it, and I would end up paying the negative equity. BUT I did take it to Carmax today because my friends said that Carmax will give me a better deal on it, than the Nissan dealership. The asking price of Carmax was only $18,000, which is not what I expected. The real value of the car is around how much I still owe the bank; therefore, I decided to try to sell it myself. I found out that I owe the bank $21,800 so I'll be glad to sell the car at that price, rather than make a profit on it since I simply want to get rid of it. I don't loose any money on it myself since I didn't pay a penny for it. SO... if you guys know anyone that would like to take the car from me then please let me know! I still think about trying the Nissan dealership, but if Carmax didn't give me a fair value on it, then I'm afraid that I'll be wasting my time going to the Nissan dealership. I'm looking into opening up an account with ebay to sell it through them. Also, can you guys recommend any other websites where I can sell my car? Thanks in advance... Edited May 20, 2007 by _femme333_ Quote Link to comment Share on other sites More sharing options...
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