What will happen if you default your car loan payment?

Answer 1

After 90 days of non-payment, some states 60, they will order it repossessed. That means they will come and take it, sell it at auction, and you will owe the difference between what you owed and what they got a auction. And it will effect your credit negatively. All of you Credit card interest rates will jump due to your lack of paying on-time for the car. Not fair, but reality.

Answer 2

If you default on the loan, the car will be repossessed, the loan will go into collection, and then be charge or written off, this in turn will be forwarded to the IRS for tax purposes. You will lose your car, still owe the money for the car, ruin your credit etc.. It's a never ending battle. So, if you can, try to figure out a way to either get your payments lowered, sell the car on your own, talk to the lender or car agency, and see if you can return the car. Talk to someone to find out what your available options are. Sometimes they are willing to work with you, but they would like for you to be upfront, instead of being afraid or just ignoring them. Just check with them to see your option. It can't hurt, and this is a better and wise decision. Good luck !!!

Answer 3

It depends on how many payments you've missed.
If you're just having it hard this month, call the company who supplied the loan and explain your situation to them. Many times, they will give you a break and roll that payment over to the end of the loan.
Good luck!
I hope you get straightened out soon.

Answer 4

if it is 60 days and you have not talked to your bank, a wreaker and a re-po man will take your car. Any yes they are very quick, then they sell you car for dirt cheap.. lets say you have a 10k loan they sell it for 4k, you have a balance of 6k + 2k in repo fees, lates ect. they they will garnish wages for that 8k. and no car. call you bank and explain your situation, they dont what to repo you car.

Answer 5

You will wake up one morning and your car will be gone.

Answer 6

Repo.