Discussions

So I have a car I bought at a dealership, and I am looking to now lower my debt, thus I am wanting to get rid of my car. I was told I can return it to the dealership. My question is, usually the car isn’t worth as much as I bought it for, so what would happen if I bring it back? Would I still have a balance? I’ll give the dealership call, but I would like some basic knowledge before I make the call so I don’t look like a total dork lol thanks all!!

A good start is to check what your bluebook value is. Go to Kelley Blue Book Canada, or KBB.ca to look up your vehicle's value.  
 
The next step is to find out how much you have owing on your vehicle. If the bluebook value is lower than what you have left owing on the vehicle then it is likely a poor choice to trade in your vehicle.  
 
Also, keep in mind that leasing a new vehicle, or purchasing a used vehicle costs more per month than buying a new vehicle. This is because banks and lenders don't like carrying liability of owning an older vehicle, and the dealership needs to make money off that lease when you turn it back in at the end of the lease.  
 
Good luck!

We just bought a new vehicle. They told us about a hand over thing that comes with the gap insurance we got. Do you have paperwork from your purchase. Pull it out and have a look.  
Figure out how much you still owe and see what the dealership will give you for it. Our trade in was short $1000 so we built in in our new loan

You likely will still have a balance and everyone usually does. sounding like to me you want to give it back and be done with the vehicle and lower your debt, well if there  
is a balance owing, you will still be expected to pay the balance owing off or go through MNP and consolidate your debt and make small payments,to get rid of the balance otherwise it will go to collections. same when the vehicle is re poed , the car still has to be paid somehow.

There is an insurance option when you're buying a vehicle-if you choose that option, you can take the vehicle back, hand over the keys and walk away. You don't owe anything more and you get nothing back for what you have already paid on the vehicle. I did not want that-there is no way I would ever want to hand the car back and walk away with nothing-so I did not buy that insurance. Maybe you did-check your sale contract.

I'm sorry you're going thru this. I'm sure it's causing you stress. My suggestions are to go when the dealership is not busy. (Like a Tuesday or Wednesday morning, not on a busy Saturday afternoon.) Also, clean it to showroom condition. It can make up to $1000 difference in value to present a clean and well cared for vehicle. Lastly, research the blue book value (as mentioned in another comment) and be prepared to negotiate and speak up for yourself. I hope it all turns out for the best.