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It may be getting repossessed pretty soon, & I’ve been going through a financial crisis. What’s the worst they can do to me? Could I go to jail? What about be sued if I don’t have the money, & I’m living in a homeless shelter?
Posted in: Auction FAQ | | Comments (6)
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If they reposess your car, usually they will give you a chacne to pay the balance owed and get the car back. If you cant pay to get it back, then depending on the lien holder they can sue you for the balance of the loan or they will auction it off and alert the credit bureaus. You can only be brought up on criminal charges if you hide the car and refuse to pay for over 180 days (at least that is how it is in Florida) then a warrant for your arrest can be issued.
Comment by Aydee — August 4, 2009 @ 11:47 pm
I think they take the car and send you a bill for your missed payments or refer your case to a collection agency. If you still don’t pay, they may take legal action against you.
Comment by Steven — August 4, 2009 @ 11:47 pm
it can go on your credit report and you credit go bad and also you can get very tired feet from the walking you will be doing.. and with winter coming i woould say its gonna be a cold one
Comment by astrodog — August 4, 2009 @ 11:47 pm
you won’t be arrested!
They will sell the car at an auction. Then you will get a "deficiency notice." The lender will demand payment of the difference in what was owed and how much was collected at the auction. They will establish a payment plan for you to pay off the difference. If you can’t they will seek a lein on any property you own, like a house. If you have nothing for a lien they will probably write the deficiency off also.
This repo and deficiancy write-off will be on your credit for at least 7-yrs. In the future you will pay much higher interest rates if you get a car loan.
Comment by Anthony M — August 4, 2009 @ 11:47 pm
no you get bad credit… they will be by to pick up your car… not you.
Comment by ♥Sandrita♥ — August 4, 2009 @ 11:47 pm
Well, first off, you wont have a car. They will resell the car fairly soon. It will also really mess up your credit.
Comment by vanb11 — August 4, 2009 @ 11:47 pm