2007-07-24 09:17:12 · 9 answers · asked by belle o 1 in Cars & Transportation ➔ Buying & Selling
Debtors prisons no longer exist in the US. Are you in the US? If not, who knows? Your credit rating will suffer whether you pay the re po balance or not.
2007-07-24 09:36:52 · answer #1 · answered by Dogbettor 5 · 0⤊ 0⤋
Nope you dont. When a car is repossessed for not paying it is sent to an auction and sold. The price it sold for at auction is deducted off the amount you owe the bank then that balance is then turned into collections oventually you need to pay the amount remainding. Collections will call and try to collect but thats about it. And it DOES ruin your credit.
2007-07-24 16:35:53 · answer #2 · answered by Becka 3 · 0⤊ 0⤋
mo you will not go to jail. But the bank or whoever repo'ed the car will auction it, subtract that price from what you owe them plus a collection fee for the repo man, then subpoena you to court for the difference. If they win the judgment, they can garnish your wages for this money including the Court costs, attorney fees,and the cost of having to subpoena you. Also they will report this on your credit. If you had a cosigner, they will also be taken to court and held responsible for your debt. They can have their wages garnished, and the repo will be reported on their credit as well. Next time pay your car note, and this won't happen again.
2007-07-24 16:33:14 · answer #3 · answered by Luby 2 · 0⤊ 0⤋
No. But they will probably sell the car and bill you for the difference between what the selling price was and the amount owed plus any incurred costs.
It will be treated just like any other bad debt and will show up on your credit reports.
2007-07-24 16:23:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
NO Jail....just harassing and threatening phonecalls for as long as you live...not to mention you will be paying like 999% interest on any loan for the next 10 years.
HAHAHA good luck!
:)
2007-07-24 16:28:41 · answer #5 · answered by JennyBoBenny 3 · 0⤊ 0⤋
Unfortunately, no. They can get a judgment against you and garnish your wages. You owe the money, the best thing is to pay it.
2007-07-24 16:45:20 · answer #6 · answered by Scott H 7 · 0⤊ 0⤋
u r supposed to pay ur note, then they wont take ur car.
are you serious???
2007-07-24 16:28:33 · answer #7 · answered by BIG "D" 2 · 0⤊ 0⤋
No, but spelling like that should be a crime.
2007-07-24 16:24:21 · answer #8 · answered by Anonymous · 1⤊ 0⤋
No, there are no debtor's prisons in the US.
2007-07-24 16:30:36 · answer #9 · answered by Bostonian In MO 7 · 1⤊ 0⤋