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What happens if you cannot pay on your car loan any longer will your credit be bad and for how long what if it is aution what about the upside down amount that is left after being sold do i still pay?
Wiki User
∙ 12y ago
If you can't pay anymore, the lender has the right to repo. The repo will be reflected on your credit report just like everything else. It will stay on their just as long as everything else. If it is auctioned, the lender has the right to charge you and seek judgment on the difference that the car sold for vs. what you owe them. So yes you will be hounded for the difference plus any costs to repo, ship, auction, paperwork, etc.
Wiki User
∙ 12y ago
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