2007-12-21 07:25:13 · 6 answers · asked by Hosko Da GREAT 1 in Cars & Transportation ➔ Buying & Selling
It will lower your credit score and when they repo your car, they just sell it at auction for cheap, and you are still held accountable to pay the difference for whatever they auction it for compared to how much you owed. Try to avoid that, I am going through that right now myself.
2007-12-21 07:30:26 · answer #1 · answered by doc 6 · 0⤊ 0⤋
Just like the guy said it, they will repo it and sell it off then you would have to pay the difference. The difference will stay on your credit as a collection. It will ruin your credit for 7 years, you will never get to finance a car until that money is paid off. It will stay on your record for 7 years and keep pulling your credit down until you have very very poor credit. I've met so much people who had that happend to them and it causes them to find a co-signer.
2007-12-21 09:29:12 · answer #2 · answered by I_know_it_ALL 3 · 0⤊ 0⤋
A car repossession on your credit history is very damaging and would make it very difficult for you to get a reasonable interest rate on a car loan for years to come
2007-12-21 09:45:43 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It ain't good -- that's for sure.
It depends on what state you're in. In some states, it will be worse if the creditor can't sell the car for what you owed on it.
Join a Credit Union.
2007-12-21 07:30:11 · answer #4 · answered by Buster Vainamoinen 3 · 0⤊ 0⤋
Ditto.
2007-12-21 07:30:18 · answer #5 · answered by cawtgrinnen 2 · 0⤊ 0⤋
Wreck it!
2007-12-21 07:28:02 · answer #6 · answered by thebax2006 7 · 0⤊ 0⤋