I have a car and my bank has screwed me on it since I have had it four years now. Anyways.. I live in Texas what would happen if I just give it back to the bank..? Of course I know they are going to put it on my credit a repo and it stays for seven years I already know all that. But, can anything else happen?
2007-11-12 14:42:44 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes, they'll sell it, and if they don't get as much as you still owe, you'd still owe the amount - they can sue you for it, and after they get a judgement can garnish your wages.
2007-11-12 15:03:57 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
I'm curious why you feel the bank has "screwed you". If you have had the car for four years and you have not paid it off, then you have entered a loan with a period of more than 48 months. Since car values start depreciating the second you own it, you have by now paid considerably more than the car is worth, and you still owe.
If you can't afford to make payments, you will want to talk with a manager at the loan company and see if you can work out a different payment schedule. You will still owe the full amount due, plus interest, regardless of if they repo the car or not.
Never take out a loan on a car if you can help it, and never for a period of longer than 36 months if you must.
2007-11-13 04:00:34 · answer #2 · answered by Anonymous · 0⤊ 0⤋