Question Asked...
if i have a car loan and cant pay it. so if i dont pay what will happen. ? i make about 1600.00 a month which is eaten up from bills my car payment is 300.00 a month
Posted from: Ontario
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Posted on Wednesday, December 9, 2009 10:32 am
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Usually when you stop making payments on a car loan, the lender comes and takes possession of your car. They will then sell it (likely at auction for around half what you think it may be worth) and then they will send you a bill for whatever you still owe on the loan.
After that, well it depends on how much you still owe them and whether or not they think you have the ability to pay (if you have a job they will assume you can pay even if you don’t think you can afford to).
Watch for legal notices in the mail and make sure you read what they send you.