2007-09-29 21:01:29 · 4 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
You won't go to jail, but you'll wish it would be that easy. They reposess the truck; charge you for the tow; they put the truck in storage until they can sell it, months down the line. They charge you for all of that -twice what you own now. And you still have to pay the difference between what you owed on it, and what the finance company sold it for.
If you can't make the payments on it, get a second job until you can get up to date on it. See a credit counselor to help you negotiate with the finance company until you catch up.
Last ditch: sell the truck for as much as you can now, then pay off the finance company ASAP. Best of luck to you.
2007-09-29 21:38:13 · answer #1 · answered by Jeanne B 7 · 0⤊ 0⤋
If you do not pay, youll end up having your truck repossessed. Means if you already invested by paying some for the loan, you wont be able to refund it and everything you invested will be put to waste. Your credit score is ruined and the chances of you getting approved for a loan is less because your non-payment can be considered as delinquent. I should know because I work for a bank :-)
2007-09-29 21:05:09 · answer #2 · answered by Ricky T 1 · 1⤊ 0⤋
they repo the vehicle, sell it and you pay the difference.
2007-09-29 21:04:25 · answer #3 · answered by midnitrondavu 5 · 1⤊ 0⤋
no, they'll just repo the truck
2007-09-29 21:04:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋