Best Answer

The repossess the car, can get a judgment against you and your credit is badly damaged.

User Avatar

Wiki User

โˆ™ 2006-03-24 12:17:21
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What happens if you don't pay your car loan?
Write your answer...
Related questions

What happens if don't pay the car loan?

If you fail to pay your car loan the bank can repossses your car. It also goes on your credit rating that you defaulted on a loan.

What happens if you don't pay off your car title loan?

they take your car

What happens to a existing car loan when trading your car?

You need to make arrangements to pay it off.

What happens to the loan when the car is stolen?

The insurance should pay the loan (if your lucky it'll pay all of it) If there was no insurance then you still have to pay for the loan. I had a car stolen and I had to keep paying for it until the insurance finally paid it off and I was left with $50 in the end to get a new car with.

If your car is up for repo but is stolen before you return your car what happens?

When your car is 'stolen", you file a stolen car report with the cops. Then your INSURANCE will pay off the loan. The lender will deal with the insurance co. and alls well. You dont have a car, but no payments either. BTW, the insurance co. HAS to be sure its stolen or they wont pay the loan off.

What happens when you pay off an auto loan?

the bank cant come and steal it. but the insurance company can if you dont pay that

Is it better to buy a car with cash or a loan?

cash, then you dont have to pay anyone back

When someone is a cosigner on the loan of your car does that mean he owns any part of it?

when you cosign on any kind of loan you dont have to pay anything unless the person you cosigned for does not pay the loan, then you are responsible for that the remaining balance on the loan

In Texas if you dont pay your home equity loan what happens?

The lender could foreclose on your house.

What happens if you are paying on a car loan and the car gets impounded?

you continue to pay the note. just because you do not have the car available to drive at your whim doesn't allow you not to pay the note.

You have one payment left on your car loan when you pay it will your credit improve?

If you made all your payments on time this will improve your credit record.

What if you sell your car for less then the loan and still have money to pay back?

i want to pay but he say must pay full..he dont want to discuss but that car i pass to bank already that time i lost my job, so now i want to clear my loan how?

What is easier to pay car loan or bank loan?

bank loan

What happens if you buy a vehicle privately by cash and the seller does not pay their loan?

Try to make him pay off his loan or you will have to pay it off cuz you cant register it. I know you can junk or sell a car with a loan on it. So i would take him to cort for fraud.

Can you get car loan with bad pay history from previous loan?

One man had bad credit and had to pay 27% interest on his loan. Yes, he got a car loan. He did not get a 7% loan. You can probably get a car loan. There is no telling what percent you will have to pay and how much down payment you will need to put up.

How do you get out of a used car loan?

To get out of a used car loan, pay off the loan or find someone else who will do that.

What happens when returning a car to a financial institution and the car is of less value then the loan amount owed on the vehicle?

The lender will expect you to pay the deficiency which is the difference between the amount owed on the loan and the amount they get for selling the car.

What happens if you do not pay your bank loan?

== ==

What are some quick ways to establish good credit?

Get a credit card, small loan, car loan... You need to get something that reports to the credit beauros. They will decide when you pay or dont pay to give you a score.

If a person sells a car and allows you to pay on installments but the person you bought the car from dies and there is no will what happens to the balance of the loan for the car?

It is paid to the estate of that person and is used to pay his unpaid debts or given to his heirs.

What happens if you do not pay your check n go installment loan?

The loan will be a default loan

What happens if you get your car repaired and don't pay?

if you dont pay usualy they will keep billing you until you do pay it or even you might have to go to court.

One person car loan and death?

Heirs pay loan or bank takes car.

Will the bank go after your house if you don't pay for your car loan?

no, your car loan is secured by your car, your mortgage by your home

Is it possible for your car to be repossessed if you owe money on something else?

Possible?? YES. IF your loan is CROSS-COLLATERALIZED with another loan, YES. IF you owe repair bills on the car, the repair shop can repo it if you dont pay.