2007-03-19 06:37:54 · 5 answers · asked by jodiemae21 1 in Cars & Transportation ➔ Buying & Selling
You lose the car AND the money
2007-03-19 06:43:36 · answer #1 · answered by Anonymous · 0⤊ 0⤋
you are still responsible for paying for it.. and if you don't they will sue you.whomevers name is on the title is who they sue and if there is a co-signer then if you don't pay they go after them.. here's how it works. they take it back or repo it either way they take possession. they take it to a car auction and if it does not sell for what you owe on it you a liable for the remainder of the loan. they hire lawyers. plus court cost and add interest believe me it adds up. i went from owing 8400.00 by the time they added court cost lawyer and everything else they wanted to i owed them 14,500.00 and it isn't worth ruining your credit if there is anyway you can keep paying for.. it may take them a year or two to sue you but yes my friend they do get you eventually. been there done that!
2007-03-19 07:02:24 · answer #2 · answered by raven1 3 · 0⤊ 0⤋
Yeah, not only will they bill you, but you will have a huge black mark on your credit report for a repossession. And they don't play about wanting the money asap. Also, they may charge you the auction fees, the transfer fees, etc.
2007-03-19 06:43:06 · answer #3 · answered by echickaboo99 2 · 1⤊ 0⤋
The institution where you had the loan will send you a bill for the payoff.
2007-03-19 06:41:43 · answer #4 · answered by Kevin 6 · 1⤊ 0⤋
You get screwed!
2007-03-19 07:24:55 · answer #5 · answered by sd bass 2 · 0⤊ 0⤋