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My son bought a new car from a dealership last year paying

Customer Question
the sticker pricing with a...
my son bought a new car from a dealership last year paying the sticker pricing with a high interest rate. He told them he has TBI and PTSD but they made the deal happen.. Now he cannot afford the payment. I am trying to find out what the best option is for turning the car into the bank. Is there any legal recourse with the dealership? Sticker price with a very high interest rate.. He had never bought a car before and didn't really understand all that he was getting into.
Submitted: 1 year ago.Category: Legal
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Answered in 5 minutes by:
8/30/2016
Lawyer: Loren, Attorney replied 1 year ago
Loren
Loren, Attorney
Category: Legal
Satisfied Customers: 35,807
Experience: 30 years experience representing clients.
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Good afternoon. I am Loren, a licensed attorney, and I look forward to assisting you.

What you are seeking to do is called a voluntary repossession.

You will need to call the bank and negotiate an "exit" strategy.

The main issue you will want to try to avoid is liability for any deficiency owed on the loan after the car is sold. If the bank will not provide a general release then try to get a ceiling on any liability for the deficiency.

If you are able to reach a settlement it is essential that it be in writing and signed by the lender so that it is enforceable.

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Customer reply replied 1 year ago
he has gap insurance does that help if he turns it back over to the bank?
Lawyer: Loren, Attorney replied 1 year ago

Thank you for following up.

No, GAP insurance only applies if the vehicle is a total loss, either by an accident or theft.

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Lawyer: Loren, Attorney replied 1 year ago

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Lawyer: Loren, Attorney replied 1 year ago

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Lawyer: Loren, Attorney replied 1 year ago

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Loren
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