Nancy asks…
I am giving a car back to the dealership,if I buy a car for cash can they take it?
I bought a car 18 months ago with an outrageous interest rate,I would like to return the car and purchase a used car for cash,is it true that if I do that they have the right to repossess it.I have considered filing bankruptcy but the note will still be extremely high.
CSC101 Customer Service answers:
The dealer you bought the car from doesn’t own it and can’t accept it. The company you financed it with owns the car and is the one you need to talk to. You really need to talk to them about your inability to pay and the possibility of working something out on the payments or letting them repo the car.
Charles asks…
What’s the deal with “cash back” when buying a car?
What does “cash back” mean, and why don’t they just take that amount off the price of the car?
CSC101 Customer Service answers:
Its because most people take a loan to buy their car and so the car companies can charge you interest on the overall loan.
Because you are getting cash back, it seems like it is free money. However most people will still pay interest on the overall amount of the loan (and that is where the car companies that make most of the money).
Sandra asks…
Can I trade my car in for a less expensive car and get cash back to buy an engagement ring?
I am a borrower, I do not own the car. i am upsidedown in it 400 dollars and have no equity in it. Can I get any cash back on it. I need it within a couple weeks.
CSC101 Customer Service answers:
You owe more than its worth, and somehow expect to get cash back? No. That wont happen.
Now SOME dealers will gladly take it in, make a nwe deal, and give money back. But you will be buried in this next car for a very very long time.
Find another way to get that ring. If its meant to be, she will be happy to know you are taking financial responsibility as well.
Courtesy of Y!Answers