I Have car can't pay anymore what happends does the bank takes it what can i do? what are the outcomes?

Answer 1

If you can make any payment at all, call the company that issued the loan to you and ask kindly if they can assist you either by deferring a loan payment or extending your loan payment period. You may incur penalties and fees, but you might be able to save your car from being taken from you.

If they say no, then you are kind of stuck with either borrowing from family or friends to pay the loan payment or allowing the loan company to reposess your vehicle.

If your car get's repossessed, they will sell it and any difference in the loan amount and what they sell it for you will still be liable for in full.

Answer 2

The lein holder ( Bank ) has the right to reposess your car if you can't make payments. The car will be sold by the bank and you will be responsible for the difference between the amount you owe and what the car sells for.

This will also appear on your credit report for 7 years which will make getting a loan Very difficult.

Good luck!

Answer 3

Ex repo man here and what wizjp said is true.. Your better off turning the car over to who ever you have the loan with unless you don't mind being hunted and spyed on by the repo man you would be surprised what i have seen.

Answer 4

Repo. Car get sold, amount unpaid after all the charges are still yours to pay and your credit takes a massive hit.

Answer 5

If it is re-possessed, that will go against your credit rating, and you will still owe the bank. Talk to them and tell them your problem. Not doing anyhing is just as bad. You do not want to damage your credit rating. They could work out smoe sort of plan. Happens all the time.

Answer 6

Paint the car, change the plates, and don't park it close to where you live or work.