Question:

What happends if you have a new car and after 7 months you cant pay the not and you turnin the car to the bank

by  |  earlier

0 LIKES UnLike

I dont want to do it but i tried just about everything, includin take over the payment for free.

 Tags:

   Report

1 ANSWERS


  1. What do you mean, what happens.  You turn the bank over, they sell the car at auction, they bill you for the difference between the loan balance, the auction fees, and what the car brought.  

    If you don't pay the bill, it gets turned over to collections, and you will owe the money forever until it's discharged by your death or bankruptcy.

    Oh, and it will kill your credit, but that's not a big deal, since credit is getting you into big trouble - you need to save up and pay cash for stuff.

Question Stats

Latest activity: earlier.
This question has 1 answers.

BECOME A GUIDE

Share your knowledge and help people by answering questions.