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jegonza89's avatar

What can happen if stopped paying car note 7 months ago but still have car?

Asked by jegonza89 (38points) March 20th, 2008 from iPhone

Lost job, couldn’t pay note on car but still needed it. Still have car and want to give it back but scared of the punishment.

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5 Answers

jrpowell's avatar

Give them a call. They will be happy to hear from you. They will take the car back but it will be a much more pleasant experience than waiting for the repo man. You won’t go to jail, your credit is fucked. I wouldn’t stress about it.

DeezerQueue's avatar

The punishment will be civil in terms, you haven’t engaged in theft, you’ve just defaulted on a loan. Your lateness will cost you in terms of credit, that will stay with you for seven years, but it’s better to work out something as soon as possible so that you don’t have a repossession on your credit report.

qualitycontrol's avatar

sell that ASAP

annaott22's avatar

they will repossess it then sell it and sue you for the leftover amount of the loan. Or you could catch up all the payments in one payment before the come get it but if you can’t you can voluntary surrender the car and it will be less owed

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