If this car has never been repossessed after eight years, it has still been charged off as a bad debt and will remain on your credit report. Lenders can follow you for the deficency balance as long as they wish to refile it. If it had been repo'd, usually after seven years it is dropped from your credit report if there was no unpaid balance. You will have a hard time getting another vehicle financed in your name. Get a copy of your credit report from the three majors, and see how it looks. You would have been wiser to surrender the vehicle and take your knocks early rather than hiding it.
Yes, it is a crime, if the 'secured party' (the party who orders the repossession) has demanded the car be handed over to them, then it is a crime to conceal it. You do NOT have to have been informed of anything by the repossession agent themselves. The only notification is that the secured party wants the car back. If you were to conceal the car in these circumstances, then under the Texas Penal Code, you would be 'Hindering Secured Creditors' (Section 32.33). If the car is worth less than $1500, it is a misdemeanor of varying degrees. If the car is worth $1500 or more, then it is a felony, of increasing severity for higher values.
First off you will be required to pay the repossession fees unless you voluntarily turned the car in. Secondly you will be required to pay the deficiency. The deficiency is the difference in the amount the lender sells the car for and the amount you owe. Let's say you owe $10,000 and they sell the car for $8,000. That leaves you owing the lender $2,000. Thirdly this repossession will be placed on your credit report and will stay there for 7 years. Repossession should be the last resort after you have talked to the lender and done all you can to avoid this. Sell the car to another individual even if you have to sell it for less than it is worth, then pay the lender the deficiency out of your pocket to avoid repossession. Have someone take over the payments. Whatever it takes to avoid this.
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