2006-10-06 06:35:02 · 8 answers · asked by Anonymous in Cars & Transportation ➔ Other - Cars & Transportation
any transaction that you can't afford to pay for in cash will cost quadrupal in interest. Houses. Cars. Furniture. Insurance companies now use credit as an indicator for potential claims, which raises your rates. You may not even be able to RENT a place to live. It may effect future employment.
Have you considered a second job?
2006-10-06 06:41:11 · answer #1 · answered by Manny 6 · 0⤊ 0⤋
Before you alow this to happen, please for your own bennifit, see if there is an alturnitive. Having anything repo'd or taken to collection will effect you for a very long time, if not a lifetime. Try to work with the bank/loan company. Always remember, normally, they don't want to repo the auto any more than you want them to. You need to get extra employment, or what ever it takes to work the payments out. You are the one who made the debt. Sometimes its easy to get lazy and let things slide. You will really pay the fiddler for doing this. I hate to see anyone go threw this when thier not familier with the outcome. My son did this 7 years ago, and still had to get a co-signer to purchase a home. Of course his intrest rate is nuts too, but that is the price you pay. Pay me now, or pay me later, not to mention they may come after you at a later date. Think hard before you make an mistake you cannot change.
2006-10-06 14:07:44 · answer #2 · answered by megofish2day 3 · 0⤊ 0⤋
ur credit is screwed and getting a credit card, loan, apartment, house will be difficult until you pay it off or at least 5 years. Good luck. Call the loan company b4 you stop paying. They may be willing to help find a way. Try to sell it. Do something! Just don't let it get repoed.
2006-10-06 13:43:23 · answer #3 · answered by Crazymom 6 · 1⤊ 0⤋
First say goodbye to your credit rating.
Second they can charge you for the difference of the ammount of the loan vs the ammount the car auctions for.
They can add the repo and auction commission costs to the above figure.
Them when you don't pay they come after you with a court injunction and garnish your wages. All in all a bad choice if you can somehow make the payments.
BTW I used to repo cars.
2006-10-06 13:40:58 · answer #4 · answered by fstopf4 4 · 1⤊ 0⤋
it leaves you carless and really hurts your credit for 7 years get ready to pay cash from now on for everything - and don't change jobs since employers check credit reports try a credit counseling agency - a free one - to get back on track
2006-10-06 13:43:26 · answer #5 · answered by worldstiti 7 · 1⤊ 0⤋
It will ruin your credit score- you should try selling it first so you can pay off the loan and not hurt your credit.
2006-10-06 13:42:54 · answer #6 · answered by richkaryn 2 · 1⤊ 0⤋
On the plus side you will be fitter from having to walk
2006-10-06 14:57:16 · answer #7 · answered by Towelie 1 · 0⤊ 0⤋
it will ruin your credit and you wont be able to buy another for a while :(
2006-10-06 13:37:47 · answer #8 · answered by Anonymous · 2⤊ 0⤋