They want it all at once. The judgment they will get will be for ALL of it. VERY few people pay notes on cars/trucks they DONT have.AnswerThe judgment process is so long for them to even get one, then they have to enforce it and collect on it. If you voluntarily give it up you will have plenty of time (usually months if not years) before they file a judgment against you. Also you WILL receive phone calls and letters requesting payment.
DO NOT give them a written or spoken agreement that you will pay anything. You should always find out what your rights are first. (And they will not offer that up to you, and of course have very clever ways of getting around it!) Many bankruptcy lawyers and credit counselors (NOT consolidation!) will give you plenty of advice for free about your rights.
If you make any payments to them, they cannot file against you unless you miss one. (But by sending any money, you are giving up some rights) We live in California, and have never responded to a car that had been repossesed. And lucky for us, they missed the deadline to file against us, and can no longer collect on it legally. But of course, that is rare. Anyhow, talk to a lawyer and find out your rights, and do not tell the collection agency ANYTHING until you have done so! But do it now, before they do file against you, then your choices are to pay everything upfront or be sued.AnswerBy the way, the judgment will not only include the original amount and any interest, but also filing fees (like $200 each) and lawyer fees. Which add up very fast.Also if you make payments, you will stop them from obtaining a judgment, but interest will continue adding up.