or if they don't find the car?
2007-01-04 04:35:22 · 9 answers · asked by emma d 1 in Politics & Government ➔ Law Enforcement & Police
Yes, you can got to jail if they call in the loan (file it in default). They can claim it as stolen after they get a judgement via the courts.
2007-01-04 04:46:24 · answer #1 · answered by ratdog 3 · 0⤊ 0⤋
i'm not a collections officer, yet I do artwork at a financial company (in Canada). as far as i comprehend, in case you owe money on a motor vehicle and you have not been making money, you would be notified in writing that your financial company is taking collective action, and then, all bets are off. they are able to hire a baliff again and assemble the vehicle -- no remember the place it truly is -- and grab it. in the event that they are able to't discover the vehicle, they might come when you legally and examine out to stress you to the two divulge the whereabouts of the vehicle, or voluntarily resign it. nevertheless, they could not could; you would be shocked at how in lots of cases the financial company itself will discover hidden sources or collateral with none help from the deepest loan holder. I actual do not comprehend in the event that they are able to press quotes against you (they could be waiting to, while you're willfully hiding sources against rightful and criminal seizure); i might examine jointly with your close by police. The action the financial company takes relies upon very much on the vehicle and the money nevertheless owed on it. If the astounding very own loan is a great volume (say, the vehicle is an '07 BMW, or some sort of high priced holiday), then they're going to maximum probable take you to court docket, sue you for the astounding volume, and surely destroy your credit status (and, while you're hiding the vehicle, they are going to in all probability discover it, besides, so which you would be broke, uncredit-worth, AND without a holiday). while you're attempting to hold directly to a splash beater (like a '80 two Honda Civic with 4 hundred 000 miles on it and it truly is lined in rust), they are going to greater suitable than probable write off the debt, and nevertheless destroy your credit status. If that's relatively going on to you or somebody you comprehend, I extraordinarily advise chatting with a credit counselling provider or the financial company the place the deepest loan is taken. whilst issues get this undesirable, banks can get downright nasty. Discussing the financial concern with the financial company or permitting them to comprehend you're attempting to make issues surprising can pass an prolonged way in them determining how difficult they desire to nail you. merely my techniques... :)
2016-10-19 11:18:03 · answer #2 · answered by bridgman 4 · 0⤊ 0⤋
They'll file suit against you for the value of the car. If you have a judgement for money against you, you'll find it exceedingly difficult (probably impossible) to get a loan of any kind until that debt has been paid.
I don't know the specifics of your contract, but I don't think you can go to jail for something like that. At least not immediately. Regardless, banks are powerful agencies with competent lawyers and nearly unlimited resources. My advice: Don't piss off the bank.
2007-01-04 04:45:19 · answer #3 · answered by P.I. Joe 6 · 0⤊ 0⤋
Usually they wont do anything unless you haven't paid on it at all for atleast 3 months. Then they will contact a repo company and it will be their job to locate the vehicle. If they can not then they will most likely take you to civil court and sue demanding either the vehicle or the loan paid in full plus attorneys fees. You may have diffuculty registrering the vehicle with the DMV because of the bank being the lein holder on the vehicle. Consult a attorney. They can usually work something out with the bank for you. And it wont cost you very much.
2007-01-04 04:48:08 · answer #4 · answered by kimberly g 1 · 0⤊ 0⤋
hmmmm...sounds like you're planning something sketchy....they probably wouldn't send you to jail but you would have to report the car stolen and still be liable for the money owed. if you don't pay they really mess up your credit.
My advice...pay your bills. If you can;t afford it, go to the bank and tell them you're having trouble. they may offer a solution that will keep you out of trouble.
2007-01-04 04:45:01 · answer #5 · answered by Anonymous · 0⤊ 1⤋
They send a tow truck in the middle of the night to get the car back
2007-01-04 04:45:23 · answer #6 · answered by peeing b 2 · 0⤊ 0⤋
i would not suggest doing that, they will find the car and just take it without your knowledge, and if they dont find the car, they will find you and i'm pretty sure that if u dont pay up when they find you, you can go to jail. they have investigators whose jobs is to find people like you who do that. I wouldnt recommend it.
2007-01-04 04:45:32 · answer #7 · answered by Anonymous · 0⤊ 0⤋
The angry capitalists will come get it. They love grinding poor people into the dirt. You rob a bank, you go to prison, do it as a CEO, you get rich.
2007-01-04 05:30:45 · answer #8 · answered by ringshank1980 2 · 0⤊ 0⤋
They Will find it and you soon or latter
2007-01-04 04:43:01 · answer #9 · answered by Anonymous · 0⤊ 0⤋