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What do you do when you stop making payments on a car and you've asked the car company multiple times to pick it up haven't paid them in over a year but the car's still sitting in the driveway?
Wiki User
∙ 10y ago
The car company is not who you should be speaking to. The lender who loaned you the money to purchase the car is the lien holder and the entity that actually owns the car. That is who you need to contact. Something is not right here. Normally the lender would not hesitate to repossess the car when you miss a couple of payments but an entire years worth of payments is unheard of. First off, know that once the car is repossessed they will sell it for whatever they can get. You will then be responsible for the difference between the balance on the loan and what the car sells for. Example: The balance on the loan is $8,000 and they sell the car for $5,000. You will have to pay $3,000. You will also have to pay the repossession fees. Your credit will also be ruined for 7 years. All of this is to be avoided if possible. My advice is to contact the lender and see if something can be worked out to avoid repossession.
Wiki User
∙ 10y ago
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