Not usually. In New Jersey if you have more than 90 % equity in the vehicle they can no longer take the car. BUT they can still damage your credit for 7 years and try to collect in court. In practice they almost always damage credit with a chargeoff or a closing of the account but they rarely sue for small ammounts though they still can.

Related Questions

Why is it unwise to pay minimum payments on your credit card?

It is unwise to pay minimum payments due on credit cards because the payment will cover only a small portion of the principal amount and more on interest and financial charges.

Is it legal for a company to charge interest on top of interest charges?

If the amount due has lapsed to the next month without any payments being made, the CC company will add additional "penalties" that may appear as added interest, but in reality the fines are added to the principal amount owed.

Creditor payments difference from cost of sales?

The creditor total payments will differ from the price of the sale unless you have a 0% interest loan. The interest armoritized in the amount of the total of payments. Some companys have simple interest loans, meaning that the interest is accumulated on a daily basis, rather than being financed for the full term of the loan. When payments are made in a timely manner or earlier, you will save alot on interest charges.

How soon can you repossess your auto after a no payment?

I live in New York State. I was able to have my car return to me in 24 hours. Of course I had to pay the missing payments,then the towing and storage charges. Hopes this helps.

Do late payments affect a credit score?

Yes, they will both reduce your credit score and impact future payments on that card (e.g. increased interest rate, late fee charges).

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