Will all the money I already put towards it get lost? How long before they repo it? I've never financed a car before and I can make payments I'm just worried about the 'what ifs'.
2007-03-21 02:07:17 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Yes, everything will be lost, plus you will still owe money depending on what they sell it for. Figure 2-3 months til the repo man comes.
2007-03-21 02:11:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The car will be repossessed if you miss a certain # of payments. You will lose all the money you put into it and any possessions that are in it at the time. Then you will have a bad credit history and you will only be able to get a car from one of those little finance here lots that charge 20% interest
2007-03-21 09:11:42 · answer #2 · answered by tman 5 · 0⤊ 0⤋
If you don't make the payments they will re-po it. Usually takes a couple of months for that to happen. You might be assessed fees for the re-po process,, so it might be best to ask the company that financed the car what to do. Whatever you paid on the car or spent for repairs will be lost forever and the debt will follow you for a long time also. Not paying for the car will ruin your credit and make it much harder to buy a car in the future.
2007-03-21 09:13:28 · answer #3 · answered by Jo Blo 6 · 0⤊ 0⤋
If you get delinquent enough, they can according to the terms of your loan agreement, repo the car. Whatever payments you have made are "Lost" unless the car sells for more than the balance of the loan on the car which never happens. How long depends on the company; most prefer to try and work with you as they'd rather have their money than your car.
2007-03-21 09:13:47 · answer #4 · answered by wizjp 7 · 0⤊ 1⤋
I have purchased 3 cars and never made a payment,they will repo it but you can just get another,the last one i had it took them a year to get it
2007-03-21 09:18:51 · answer #5 · answered by naseldrip 4 · 0⤊ 1⤋
My hubby's ex-roommate couldn't pay his car loan. It took them a while to find him and for them to catch up with him. 6 months of non-payment and they were coming for the car. They took the car and he still owed the balance of the loan as well as interest and fees.
2007-03-21 11:42:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I would ask the bank for a loan and pay em later!!!
2007-03-21 09:12:40 · answer #7 · answered by Anonymous · 0⤊ 0⤋