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Can a dealership take a car back after a month?
I got a new car about a month ago, but I just found out that I’m going to be laid off from my job. I don’t know if I’ll be able to keep up with my car payments. Can I return it to the dealership?
Brittni Brinn · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear about your job. A dealership likely won’t take your car back after a month has gone by, but there are other things you can do so that you won’t be behind on your payments.
- Talk with the dealership: If your money woes are only temporary, a dealer may agree to add the missed payments to the end of the loan. A voluntary repossession may be on the table, but you’ll have to pay penalty fees and take a hit to your credit score.
- Refinance your car loan: You may be able to get alower interest rateand change the length of your loan term by refinancing. If high monthly payments are the problem, this can help make them more manageable while you search for a new job.
- Sell your car: You cansell the carand use the money to pay off your loan. It’s unlikely you’ll be able to pay off the whole loan, as the car’s value will already be less than when you bought it—but selling it will give you some money and time to work with.
- Havesomeone else take over the payments: If your loan agreement allows it, you can have someone else assume ownership of the car and take over the loan payments.
Another way you can save money for your car payments is to get better rates on your car insurance.
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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