Tips on Buying Cars: New Car Q, repossession, best solution

Question
Hi, purchased a new car first payment is not due until Oct.  My boyfriend has decided not to keep it.  I was wondering what the out come is going to be if he brings it back to the dealer?  Are they just going to try to put him in a cheaper car and fix payments? tell him no? I just dont know what the best solution is going to be.  We financed thru them the rate was great only .9% we were only going to have to pay $700 and change on a five year loan in interest, but he has decided he cant afford the monthly payments.  What should we do?

Regards Jessica

Answer
Jessica,

Unfortunatly there isn't much that he can do.  He signed the paperwork, and agreed to pay that payment originally.  You can call the dealership, or go to the dealership and try to get them to sell you a cheaper vehicle, but don't be surprised if they don't do that.  Secondly, if you take the vehicle back to the dealership it will be a repossession on your credit if the dealership does not work with you and they are not obligated to do so.  My suggestion is to go to the dealership and ask to speak to a sales manager and explain that you still want to purchase a vehicle from them, just a cheaper on and hopefully they will work with you.

I hope this helps.

Thanks - Jb