Dear Terry, I'm having a difficult time making payments on my car. This is the second one I've had and I paid the first one off, but I can't make the payments anymore. I want to give the car back. Will that be possible? -- TimothyDear Timothy, The last thing you want to do is simply drop off the keys at the lender's office. Effectively, there's no difference in doing that than having the lender repossess the car. You don't say what you owe and what the vehicle's worth. It's always better to sell the car if you can than to simply walk away. You might also try talking to the lender to see if they might renegotiate the terms of the loan or allow you to skip a payment to give you some breathing room. Lenders aren't in the used car business and don't want to take back vehicles. This week•Lower fuel-mileage ratings for 2008 model cars•'Giving a car back' is the same as repossessionIf you have a question for Terry, e-mail him at Driving for Dollars. advertisementRelated Links:7 best off-to-college carsNational auto loan averagesWhat changes auto loan rates?Related Articles:All new cars for 20105 steps to 'clunker' dealTake the 'cash back?'
Dear Terry, I'm having a difficult time making payments on my car. This is the second one I've had and I paid the first one off, but I can't make the payments anymore. I want to give the car back. Will that be possible? -- Timothy
Dear Timothy, The last thing you want to do is simply drop off the keys at the lender's office. Effectively, there's no difference in doing that than having the lender repossess the car. You don't say what you owe and what the vehicle's worth. It's always better to sell the car if you can than to simply walk away. You might also try talking to the lender to see if they might renegotiate the terms of the loan or allow you to skip a payment to give you some breathing room. Lenders aren't in the used car business and don't want to take back vehicles.
If you have a question for Terry, e-mail him at Driving for Dollars.