2007-02-15 08:52:03 · 9 answers · asked by tank 1 in Cars & Transportation ➔ Safety
They can after a while, auction it off for a lower price that you owe and then make you pay the difference.
2007-02-15 16:49:45 · answer #1 · answered by Auburn 5 · 0⤊ 0⤋
The lender will sell the car for whatever they can get for it
Then
they will come after you for any deficit plus costs
in other words they sell it for lets say $2000
you owe lets say $2500
They will come after you for the difference of $500
plus the cost of legal matters to repo car and the fee that the repo man charges and any storage they pay while its being held before it's sale
2007-02-15 16:58:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Say good bye to good credit and trying to find another good dealer to sell you a car for a long long time.
2007-02-15 16:56:31 · answer #3 · answered by ♪♫♪justpassingby♪♫♪ 5 · 0⤊ 0⤋
You lose the car, and get a bad credit rating. They may hound you for back payments, also.
2007-02-15 16:55:51 · answer #4 · answered by The Avatar 3 · 0⤊ 0⤋
i had a truck repossed and it wrecked my credit. also they wholesaled it and i was responsible for the amount left over to pay it off.
2007-02-15 16:58:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋
first they will auction off the car, then they will sue you for the rest
if they can't get enough, eventually they will attach your wages, apart from going bankrupt ,they will get their money
2007-02-15 16:56:31 · answer #6 · answered by rocky w 3 · 0⤊ 0⤋
You will be on foot and your credit rating will be in the sewer!
2007-02-15 16:55:57 · answer #7 · answered by p h 6 · 0⤊ 0⤋
This could go on your cridit report!
2007-02-15 17:26:46 · answer #8 · answered by Anonymous · 0⤊ 0⤋
it will mess your credit , they will sell it hopefully for what u owe
2007-02-15 16:56:46 · answer #9 · answered by merlinswrench 2 · 0⤊ 0⤋