What would happen if i stopped paying for a car?

Answers:3   |   LastUpdateAt:2012-11-05 15:55:02  

Question
Nastia
Asked at 2012-09-02 02:19:02
What if I leave my payment has been taken by a car that was volunteer completed almost a year ago , the car loan was canceled when they took the car back , but then I said that was part of the monthly payment of a personal loan and payments have continued what would happen if I just canceled it in the bank ?
Answer1SpenceAnswered at 2012-09-02 10:58:02
head gasket failure
Answer2NoviaAnswered at 2012-09-25 04:18:02
Well , would you find out if the amount you are paying for is less the amount of the car . When you say that the car was taken and am taking voluntarily terminated which means you allowed the car to be repossessed . If that's the case, then what would have happened is that the car has been put up for auction , the sale most likely for less than it should have in it . Unfortunately , that means that you are responsible for paying all that the balance is even if you no longer have the car . Rest assured that it will go after your money , even if it means garnishing your wages . All he could hope for is to be set up a payment plan , maybe if you're lucky to get it to reduce the amount , although that's not likely . That or declares bankruptcy , which is something I ended up having to do about 6 years , when I left my car to be repossessed . It sold at auction for a little over seventeen thousand and left me with thirteen thousand to pay . MedlinePlus MedlinePlus However, if the amount of money you are paying for is the amount of the credit agreement without giving the finished car loan amount , then you will have to keep paying the bank . Otherwise, it will most likely result in a lawsuit .
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