What happens if i stop making payments on my car and when do they start repoing the d**n thing? i still owe 15

Question

if i move to another state do i still have to make payments on the car?

the ac blew out and the timing belt blew up too. with all the repairs that need to be made i'm wondering if i should just tell them to repo the d**n thing. also i was told the car is only worth 6000 even though its a 2006.

Answer 1

You do not want them to repo it.  And yes of course it doesn't matter you have to pay your debts no matter where they were incurred.  Really, don't have them do a repo... it will crush your credit and you will so regret it.

Answer 2

You did not mention how many miles are on it.  Even if you move to another state your credit report follows you.  I would take the car where you got it and ask for some suggestions.  I understand you are very upset, but still go in with a positive attitude and expect a positive outcome.  Let me know how you do.

Answer 3

Regardless of where you live, where you move to or what breaks on the car you are still responsible for paying the car off.  You signed the loan, legally binding you into the contract.  You probably should have had a mechanic (or two or three) check thew car out before purchasing it.  If you stop payment, they will come repo it, but there is no telling how long that will take or how long you have before they come to collect it.  Note that this will go on your credit report.  My advice, get the timing belt fixed, and use something called the windows in place of AC.

Answer 4

I hope you didn't buy a 2006 new... That sort of stuff shouldn't happen so quickly.  I would take it to the dealer and see what they will cover under warrenty.

Answer 5

im afraid your stuck with it .They dont wait very long to repo now days so you will need to decide what to do.

Answer 6

If you let the car be repossessed you are still liable for the balance after the car is sold, costs of selling the car, attorney fees, etc.

Answer 7

If you don't mind having a bad credit report, go for it.

They usually repo anywhere from the 2nd payment on--depends on how important it is to them.  

If you don't want your credit to get whacked, then you need to make payments until it's paid for.

So the choice is yours--if those are the only repairs needed, I'd fix the timing belt and use the car until you can afford to fix the air.

Doesn't matter what state you're in--even in Denial--you still owe on the car and have to pay for it.  It's a legal contract.

Answer 8

YES if you move to another state you still owe the money, DUH!

If you stop paying the loan, you'll owe interest, penalties and fees.  If your car is repossessed it will be sold at auction, and you will still owe the loan company the difference between what they made at the auction net of the fees and what you owed.

If you can't pay they can force you into bankruptcy.

Answer 9

Even if you tell them to pick it up and they sell at a loss, they will come after you for any deficiency balance owed. It might be cheaper to repair the car.

Answer 10

It would depend on if your pay on a weekly basis or a montly.

Weekly they can repo it in as little as 3 missed payments and sometimes less since your payment agreement was weekly instead of monthly.

Monthly would be a little and one to maybe two missed payment.  Most creditible institutions will work with you if you fall on hard times.  But if you just dont want to pay then they really wont.

Answer 11

On most loans, you can have your car "voluntarily repossessed". Meaning you agree to give it back to them, BUT, you will still owe the difference in what they re-sell it for and what you owe. Just walking away from making the payments will get it repossessed, usually within 90 days. And even if you live in another state, they will eventually track you down. Not to mention, all this hurts your credit dramatically!!!

Answer 12

Yes you still, have to make payments ,enless you dont what to they will in time no matter where you live they will pick up your car, but dont let that happen, thats not good on your credit rading for your future, and know one will trust you can for long time and that gould hurt, even if the car is not running get hold of you who you got the car thro tell them whats going on and they will most likely work with you to help savle this promble!

Answer 13

well, if you want to ruin your credit and never be able to get a loan for the rest of your life without paying high interest rates, then go ahead, stop paying!

Answer 14

they start reporting it after 30 days