I live in florida
2006-12-18 06:16:58 · 6 answers · asked by jockoinc 1 in Cars & Transportation ➔ Insurance & Registration
You become carless.
2006-12-18 06:20:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You have just added more to the amount you owe the lender. You are responsible for the costs of finding and towing your car. They will now try to sell it, and will deduct the price they get from what you still owe, and bill you for the balance. If you still don't pay, they will take you to court and could attach any assets you might have, or have it deducted from your pay check if they prevail. They will also report it to the three major credit bureaus that you had a repossession, and you will find it difficult if not impossible to buy anything on credit.
And it's really too bad, since most lenders will work with you if you just contact them and come up with some kind of a plan to get them paid. Generally they don't even think about repossession until you are 90 days behind and haven't bothered to contact them.
2006-12-18 06:50:12 · answer #2 · answered by oklatom 7 · 0⤊ 0⤋
You can contact the company as get the amount yuo owe and see if you can pay that to get the car back (I am going to assume thats the reason the car got repossessed because you didnt have money). If not, then you just have to deal with the fact that you dont have one but this will go on your credit report.
2006-12-18 06:25:52 · answer #3 · answered by inquisitor1125 3 · 0⤊ 0⤋
You don't get out of your obligation to pay the loan back and your credit takes a major hit.
2006-12-18 06:19:03 · answer #4 · answered by DA 5 · 0⤊ 0⤋
It will probably be sold at auction, and you will be responsible for any difference between the price they get for it and the price you still owe on it...
2006-12-18 06:19:23 · answer #5 · answered by Marvin C 4 · 2⤊ 0⤋
You walk.
2006-12-18 07:19:34 · answer #6 · answered by Bostonian In MO 7 · 1⤊ 0⤋