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They take the car. The lending institution will take the car back, sell it at auction, then leave you responsible for the remainder of the debt, which you'll have to pay to the lending institution after they take you to court. As a suggestion, either pay for the car or sell it. You can sell it for far more than they'll get at the auto auction, then you'll have less to owe to the bank. Your car will be repossed and it will have a negative effect on your credit history for a while. * The vehicle can be repossessed and sold at public auction. The borrower will be responsible for the difference (if any) between the sale and loan amount plus the costs of repossession and other applicable fees. A repossession remains on a credit report for 7 years.
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∙ 17y ago
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What happen if default on car loan?
The loan company takes the car. You loose it unless you make up the missing payments and pay the fees.
What happen if you can not pay your car loan?
When you don't make regular payments, your car will repossessed. Now if you had an upside down loan, you will still owe the lender.
What will happen if you cant pay a bank loan and run away your home country?
you will be paying for it...once you reach to your home country.
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 would happen if you can't pay your car payments and the car is under a co-signers name also and you want to drop the loan?
The co-signor would be responsible for paying the loan. Do you hate the co-signor that much?
What is worst that can happen if you cant pay your bank loan in Ireland?
Your home could be repossessed by the bank.
What can happen if you don't pay a title loan and you still have the car?
The vehicle can be repossessed.
What do you do when you cant fix your car and you still owe on a loan?
You still pay the car note and enjoy the lawn decoration
What happen if default on car loan?
The loan company takes the car. You loose it unless you make up the missing payments and pay the fees.
What happen if you can not pay your car loan?
When you don't make regular payments, your car will repossessed. Now if you had an upside down loan, you will still owe the lender.
What happen when you have a title loan and the car gets booted?
It's still your car as long as you pay for it. You are expected to pay impound to get it back.......................but they have the title
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.
What will happen if you cant pay a bank loan and run away your home country?
you will be paying for it...once you reach to your home country.
How does student loan forgiveness work?
Student loan forgiveness is forgiven if one doesn't have any money at all to pay of the loans. This doesn't happen often but some companies forgive the loans when it is proven in court that one cant pay the loan.
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 is easier to pay car loan or bank loan?
bank loan
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.
