I own a hummer H2, cuurently I can not afford gas price. Should i return to dealer?

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?Sassy Jassy?

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I paid 24000 and 42000 is my remaining balance. what i can do. i can not afford, I can not find customer to buy this. Is this ok to return to dealer and stop my payment. Any one can help on this issue? Thank you.
 
If you return it, it's called a repo. Most companies will sue you for the remaining balance. Having a repo on your credit causes extremely high interest rates. It'll cost you a lot more in the long run to return it. It would be easier to re-budget, drive slower, drive less and try and car pool when you can.
 
Maybe you should have thought of that when you bought a hummer.

If you can't afford for gas to go up a little you shouldn't have bought that expensive pos in the first place.
 
It's not that easy, honestly. You don't just "stop the payment" and walk away.

It's called a "voluntary repossession" and carries the same penalties as a regular repossession. Your credit's ruined, and you're still liable to pay the difference between what you owe and what the car brings at auction (so be prepared to cough up thousands). If you can't pay, they can get a judgment against you and start garnishing wages.

If those are going for $15,000 at auction right now, you could be looking at owing $25,000 or more AFTER you turn it back in.

I'd do anything you can to avoid it. Call your lender and work something out immediately. You're another victim of the SUV market bottoming-out due to rising gas prices. Also, if you put down $24,000 at the time of purchase, this tells me that something has happened in your life if you cannot afford gas in the car. You must also realize that if you turn this car back in, you've flushed that $24K down the toilet.

If you're looking for a "magic" way out of this, it doesn't exist. So many folks take the advice given here and scoff at it, but there is no other answer.
 
Although I wouldn't recommend it, you could turn it over to the lender, not the dealer. The dealer has nothing to do with it. This is a repossession. You still owe the balance of the loan, and you'll be paying for a vehicle you can never see or drive again. Turning a vehicle in will not stop the payments or magically wipe away what you owe. It will also put a blemish on your credit history for the next 7 years, making it difficult or impossible to obtain another loan to buy a car, a house, etc.
 
That's like getting your house foreclosed. It is really bad for your credit.

Just hold and keep trying to sell it. Don't think I need to sell it this weekend ! Just keep advertising it, eventually you'll get a buyer (even if it take months).

that's still better than ruining your credit - that take YEARS to rebuild.


Good Luck...
 
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