What happens to your credit if your car is repossessed and what are your monetary responsibility?


Top Answer
User Avatar
Wiki User
2004-08-31 18:42:14
2004-08-31 18:42:14

Likely, you will be sued for the amount owed after the car is sold. IF they get a judgement, they will have the option to garnishee your wages and/or attach other property that you own. YOU will have the option to try again to work out a payment schedule that you CAN afford on a car you DONT have. Or do the B/K route. Your credit will NOT be good either way. It is NOT fatal. Hard work will pull you back up.


Related Questions

User Avatar

You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.

User Avatar

Normally your credit is ruined for 7 years.

User Avatar

Your credit is severely damaged. Stays on your credit report for 7 years. Don't let this happen. Contact the lender and work something out.

User Avatar

A motorcycle that was paid for on a credit card can not be repossessed considering the credit card company paid the dealer. You must pay the card company back though or they can take you to court.

Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.