What responsibility do you have to a tote-the-note lot if return the vehicle because no longer want it and almost paid off?

If you return a vehicle to a tote-the-note lot before it is paid off, you may still owe money on the loan. The amount you owe will depend on the terms of your loan agreement and the amount you have already paid.

In general, when you return a vehicle to a tote-the-note lot before it is paid off, the lot will either sell the vehicle to another buyer or keep the vehicle and charge you for the remaining balance on the loan. If the lot sells the vehicle, you may be responsible for any difference between the amount they sell it for and the amount you still owe on the loan. If the lot keeps the vehicle, you may be responsible for the entire amount of the remaining balance on the loan, plus any fees or charges that the lot may impose.

Some tote-the-note lots may also have a prepayment penalty, which is a charge that you may have to pay if you pay off your loan early. The amount of the prepayment penalty will vary from lot to lot.

If you are considering returning a vehicle to a tote-the-note lot before it is paid off, it is important to carefully review your loan agreement and to speak with the lot about any potential fees or charges that you may be responsible for.