Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

I went to the car dealership on Black Friday November 27th…

Customer Question
I went to the car...
I went to the car dealership on Black Friday November 27th to trade in my existing 2014 Dodge Journey that I thought I was trading in come to find out as of February 14th the vehicle is still at the dealership my paperwork didn't state that the car was a trade in now I am responsible for two vehicles 1 I can't afford to pay the second vehicle I am making car payments on if I wanted to buy two cars I couldn't buy them why am I stuck with the first vehicle from the dealership and now from the credit Capital One is there anything that can be done and now that the dealer knows that the car is going there a lot since November 27th they want to have it towed to my house I don't understand how this happened if I can afford one vehicle how can I afford two vehicles my income will not allow this my only other step is to surrender the vehicle repossessed vehicles from from the company
Submitted: 2 years ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 15 minutes by:
2/18/2016
Financial Professional: PDtax, CPA, MBA replied 2 years ago
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,122
Experience: Tax professional and business consultant for 35 years.
Verified

Hi from just answer. I'm PDtax. There are a few solutions I can think of.

One is to just sell the car you don't want. Sell it outright, sell it to a dealer, and pay off any loan balance still due.

The second is to trade both vehicles on a new one. That way you should be able to fix things and your new car loan absorbs any shortage on the two car trades.

Note that I did not address what happened, and or how it did. Only that you need to fix it, and how.

Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.

Ask Your Own Finance Question
Customer reply replied 2 years ago
I am unable to sell the vehicle because on the highway off which is $20,000 I can't trade in both vehicles because the debt to ratio is so high to purchase on a third vehicle they are saying I am basically stuck with this first vehicle I bought myself two cars I don't understand how this can happen the dealer never said that they wanted to buy the car back from me this is not the answers that I am looking for I basically knew the answers from asking questions I am not satisfied with spending $37 for the answer that I already knew from my car financing people there has to be a better way than screwing up a consumers credit by just repossession or surrendering the car back to the auto financing company
Customer reply replied 2 years ago
Can you please refund me my $37 back I am still stuck my question was not resolved for my situation
Financial Professional: PDtax, CPA, MBA replied 2 years ago

From this side of your question, it would have been good to know you were $20,000 upside down in the first car. I think that what you mean by "I am unable to sell the vehicle because on the highway off which is $20,000".

Then the solution seems simple. Sell the second car. Once it is gone, and you likely don't lose much, you can trade the first car.

If that solution doesn't work for you, please advise. With the additional insight you provided, it seems to be the best of your options. Positive feedback is appreciated. I'm PDtax.

Ask Your Own Finance Question
Financial Professional: PDtax, CPA, MBA replied 2 years ago

A follow-up to my earlier response:

If you were indeed 20,000 upside down in your old car, I suspect this was not a paperwork mistake. Trading in a car with that much to be added to the loan for your next car would be likely impossible. Lenders would not want to lend $40,000 supported by a $20,000 car. I suspect the dealership knew exactly what it was doing.

I did not suggest either legal pursuit of the dealership or surrender of either car. You won't win the legal issue, since you signed the contract of sale that omitted the trade. Surrender means credit rating issues and a larger debt you will have to pay.

Sale of the second car clears one of the two car loans and is the best resolution. I just thought you should know that this professional, 25 years experience in the car business, suspects this was not a mistake.

Your positive rating is appreciated. PDtax

Ask Your Own Finance Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask PDtax Your Own Question
PDtax
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,122
5,122 Satisfied Customers
Experience: Tax professional and business consultant for 35 years.

PDtax is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I am a full time student. I am expected to graduate in
I am a full time student. I am expected to graduate in December 2016 However, I am semi retired, I will be 65 in September I work only 16 hours a week at McDonalds I have a car, I cannot afford anymor… read more
BK-CPA
BK-CPA
Bachelor's Degree
687 satisfied customers
I just recently started a wholesale car business. I did all
I just recently started a wholesale car business. I did all the necessary things to make it legitimate. My friend opened up a retail car dealership. She needed inventory and I thought it was a good wa… read more
PDtax
PDtax
CPA, MBA
Master's Degree
5,122 satisfied customers
In ND I am leasing a 2014 pick up truck . Now I'm getting
In ND I am leasing a 2014 pick up truck . Now I'm getting laid off and can't afford to keep it . And want to take it back to the auto dealer . Will I pay many penaltys or what am I up against ?… read more
Patience
Patience
Mental Health Therapist
Master\u0027s Degree
116 satisfied customers
repossession - vehicle was repossessed, debt sold several times,
repossession - vehicle was repossessed, debt sold several times, now getting phone call that "they" are coming to my home for "legal papers" to be signed. statute runs out 3/30/16. what papers could t… read more
Shawn P. Adamo
Shawn P. Adamo
CEO
Bachelor's Degree
18 satisfied customers
About 6 months ago i financed a 2012 dodge charger for 7years
About 6 months ago i financed a 2012 dodge charger for 7years with Ally Bank. For a lot of different reasons I cannot continue to pay for this car. I have not missed a payment yet, but probably only a… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
I have a 2012 toyota prius and was rearended causing damage
I have a 2012 toyota prius and was rearended causing damage to the rear bumper,rear quarter panel and frame. How do i establish demimished value.… read more
PDtax
PDtax
CPA, MBA
Master's Degree
5,122 satisfied customers
my 18 yo son with no job nobody signed for him got 30 g from
my 18 yo son with no job nobody signed for him got 30 g from pnc bank via dealership and bought a car....now cant pay......bank will repossessed and sell via auction......he will pay the difference to… read more
sgriffin26
sgriffin26
Senior Loan Officer/ NMLO
Bachelor's Degree
92 satisfied customers
I currently have a loan with CapitalOne on a Honda which has
I currently have a loan with CapitalOne on a Honda which has a balance of 12K left. I would like to get into another vehicle that is worth 14K. My son has offered to help me get the new car by putting… read more
Eric
Eric
Financial Manager
Bachelor's Degree
559 satisfied customers
I am considering a trade in on a vehicle to purchase another.
I am considering a trade in on a vehicle to purchase another. I have 4 years left on my current loan. The dealership says they will get my payoff amount from the bank to calculate my equity. I can go … read more
Karla
Karla
Master's Degree
1 satisfied customers
Voided contract due to non lender for original amount.
I purchased a vehicle on June 4 and the dealership could not find a lender for that amount. However, they was able to find a lender to finance me for $4,000 less, but I do not want the deal anymore. I… read more
Eric
Eric
Financial Manager
Bachelor's Degree
559 satisfied customers
when you buy a car and the finance company falls throught how
when you buy a car and the finance company falls throught how many days did you have to have the car for the dealer to have to hold the financing on that car?...i kno california is 10 days...im in new… read more
Eric
Eric
Financial Manager
Bachelor's Degree
559 satisfied customers
I cosigned for a motorcycle loan. The primary loan holder is
I cosigned for a motorcycle loan. The primary loan holder is my son's ex girlfriend. The remaining loan balance is approx. $18,000.00. The title is in both our names, and the insurance is in her name.… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
Can a bank taker my car when I am making payments I am behind
Can a bank taker my car when I am making payments? I am behind but I am makeing payments. Can they take the car and charge me for repairs they think they need to do? And Can they selll it and charge m… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
I financed a used car in 2007. I purchased a warranty on the
I financed a used car in 2007. I purchased a warranty on the veichle. The dealer didnt submit the paper work in a timely manner. The warranty company wouldnt honor the warranty after the knew somethin… read more
James Heal
James Heal
Bachelor\u0027s Degree
495 satisfied customers
I want to start an electric car dealership in my town. what
I want to start an electric car dealership in my town. what are some good first steps? and more specifically who do i buy the cars from at wholesale? The manufacturer? how do i contact them and what d… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Young man (23) purchased a Ford Mustang. He went on his own,
Young man (23) purchased a Ford Mustang. He went on his own, first time buyer, felt pressured, blah, blah, blah. Got a 9% interest loan for 7 years! Has had the car for 6 months, had a reduction in pa… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I am looking at the possibility of voluntary repossession of
I am looking at the possibility of voluntary repossession of a car that will probably have a $10,000.00 deficiency. I have a very high interest rate due to my credit rating, and carried over balances … read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
I put a contract on new car that I HAVE NOT taken delivery
I put a contract on new car that I HAVE NOT taken delivery yet as the dealer has to get it from another dealer. I signed the contract yesterday and I am to take delivery mon. I recieved a call from an… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x