If I quit paying car payment?

Question

If I quit paying car payment and it was repo'ed , would my wages be garnished after?
I live in Colorado and the Lender is in California

Answer 1

Hmmm. That depends on a few things. 1. Do you want to get the car back? If so, the lender will ask for the back payment you owe, plus the repo fee, and storage costs, and MAYBE 2 months pre-payment up front. This will look better on your credit report if you do this because it will report as a "recovered repossestion". Just make sure you try to keep you payments on time after that.

If you can't afford to get the car back or just don't want it - well, it depends on how much the total value of what you owe on the vehicle vs. how much the car is worth (or how much they can get for it if they sell it or auction it off). If you owed $4,000 and they only could get $2500 for it - plus the $250 repo charge (yes, YOU have to pay the repo man for repossesing YOUR car). Then you still owe the finance company $1,750 even though you don't have a car anymore. For that amount, they might just send it to a collection agency. But if we add a few more zeros and we are talking $40,000 owed and it sold for $25,000, plus the $250.00 repo fee - we're talking over $15K you still owe and they might put a lein on your house, or bank account or garnish your wages. But if we're only talking a few thousand bucks - it would cost them too much money in legal/court costs to try to recover what you owe - so they would just sell your account to a collection agency. And I wouldn't worry too much about them. Collection agencies are mostly all talk and no action. If you don't pay them, they just sell your account to another collection agency. However, your credit will be ruined for years to come because everytime an old debt is repurchased it acts as a new account and it will take 7 years from the time the new account is opened to be removed. So, say you bought the car in 1995, but the account gets sold to a collection agency in 1999, well you think, "hey no biggie - that will be off my report in 2006, right? Not if that collection agency sells that account to another collection agency in 2004, now that will stay until 2011. All this for a car you bought back in 1995! And this is perfectly legal! My advice, is see if you can work out a re-payment plan like 50 cents on the dollar over a period of time, and that will prevent the collection agency from further harrassment and from selling your account and having to start all over again. And it says to other potential creditors that you had some financial problems in the past, but you're not a dead beat and your paying on time now. Good Luck!

Answer 2

This comes as a wonder to you? you're responsible, legally and financially for the vehicle. You signed the settlement with the lender and also you'll't abdicate your duty and enable some different person take over your funds. The settlement including your "shopper" is invalid because you probably did no longer have the right to promote the vehicle. supply his assistance to the monetary company and enable them repo it from him.

Answer 3

If the bank does not receive enough to pay off your loan, you will be responsible for the balance owed, besides any legal fees that may be due.

Answer 4

"if i quit paying car payment" spoken like the trash that comes in begging for credit.

A few years down the road your going to go looking for a real car and I'm gonna have to tell you, "sorry, but your trash" I won't lend you 30k if you put down 29k.

Suck it up and pay you damn responsibilities. you went to them for a loan, just pay them back.