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Well, if you get really behind on the monthly payments, then they will give you a warning, and then they will come and take your car. It's like foreclosure, but with cars.
So, to answer your question, yes, it will go away.
You will still be responsible for the loan however. It will go to a collection agency which will hound you for years and every time they send you a letter, they get to add on $100 to $150 service fee. This will follow you on your credit report and make it hard for you to get another loan, may keep you from getting a job.
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∙ 14y ago
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Does a car loan go away after time?
Yes. When you pay off the loan, then it goes away.
My car was repossessed and they wont give me back the car unless i pay the car off?
that's the point of repossession. you cant pay, they take it away.
What do you do if you can not get your car out of impound but you still owe money on the car to a lien holder?
The lien will not go away. You still need to pay it off.The lien will not go away. You still need to pay it off.The lien will not go away. You still need to pay it off.The lien will not go away. You still need to pay it off.
Will it affect anything if you are leaving the States never to return and have to return a leased car but have no money to pay off the lease?
the key is "NEVER RETURN". If you plan to do that, have a nice life. IF you plan on availing yourself on credit in the future, make arrangments to pay. It wont go away.
Your father passed away and was the primary you are the co signer but do not want the car do you have to pay?
Answer Most likely you will have to pay for the car, as you co-signed for it. If you don't want the car, you can alway sell it and use the money from the sale of the car to help pay it off.
How much will you pay if your car is out for reposession and it never get caught?
all of it. Just because they cant find the car doesnt mean your debt goes away.
Should you trade your car in or pay it off?
pay it off
What is the shortest amount of time I can take to pay off my car?
You can pay off your car as fast as you can. That's great you can pay it off so quickly.
Should you pay off your repo car?
You should pay off your repossessed car if you want to fix your credit quickly. If you are not worried about your credit, you can wait to pay off the car or file for bankruptcy.
How do you get out of a car loan that you don't want anymore?
Pay it off, voluntary repossession, sell the car and pay it off.
Can you buy a car if lien on car?
Yes but make sure YOU pay the lien off and don't just pay the seller and hope they will pay it off.
If you trade your car in to a dealer and still owed money on it but the dealer never paid it off whos accountable?
Once you sign the release of liability at the dealership when you trade the car , the dealer is responsible for the pay off.
