Likely, you will be sued for the amount owed after the car is sold. IF they get a judgement, they will have the option to garnishee your wages and/or attach other property that you own. YOU will have the option to try again to work out a payment schedule that you CAN afford on a car you DONT have. Or do the B/K route. Your credit will NOT be good either way. It is NOT fatal. Hard work will pull you back up.
Normally your credit is ruined for 7 years.
Your credit is severely damaged. Stays on your credit report for 7 years. Don't let this happen. Contact the lender and work something out.
No, because you have your own separate credit report.
That would be a particularly bad plan if you hope to keep a good credit score. The bank would have required you to have enough insurance on the vehicle to cover the replacement. If you didn't, you are financially responsible for every dime that is outstanding on the loan. If the truck is wrecked, the difference between the debt and the value is your responsibility.
yes
The laptop will be repossessed and the amount you owe will be increased by late fees, costs and penalties. The default will be reported to your credit record where it will do considerable damage.The laptop will be repossessed and the amount you owe will be increased by late fees, costs and penalties. The default will be reported to your credit record where it will do considerable damage.The laptop will be repossessed and the amount you owe will be increased by late fees, costs and penalties. The default will be reported to your credit record where it will do considerable damage.The laptop will be repossessed and the amount you owe will be increased by late fees, costs and penalties. The default will be reported to your credit record where it will do considerable damage.
The person or persons names that appear on the loan contract.
A motorcycle that was paid for on a credit card can not be repossessed considering the credit card company paid the dealer. You must pay the card company back though or they can take you to court.
not much, basically your hands are tied. when you pruchased the vehicle and signed a contract it was probably stated in there that if the vehicle is repossessed it will be sold at auction and the balance/credit of the debt is the responsibility of the purchaser
It has the same effect on the credit.
The only person it affects is the person the item is being repossessed from. Unless, one of the family members is a co-signer on a loan of the repossessed item. Then, they can bear the responsibility of repaying the loan and it will show on their credit report as well. I'm not aware of what is being repossessed, but the implications of repossessions may affect others...just not financially, unless taxes are involved (like a home).
If you are in default (for any reason) they have the right to seize the asset (car)