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Old 03-16-2004, 07:30 PM
Celeste2011
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Question

Stop paying my car loan?

Hi,
I would like to what the consquences are if I stop paying my car loan due to the fact that I can not pay it anymore. Any advice on this situation would be appreciated. Thanks.
  #2  
Old 03-16-2004, 07:58 PM
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Join Date: May 2001
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You'll get it repo'ed and they sell it at auction. If the auction price is below the loan amount, they'll begin collection activity for the deficiency.
RG mays a good point. What is your equity position?
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Old 03-16-2004, 08:09 PM
Celeste2011
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It is not worth what I owe. The value is 16,000, and I owe like 22,000.
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Old 03-16-2004, 09:13 PM
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Join Date: May 2001
Posts: 6,454
Your best bet would be to sell it yourself and take out a loan to cover the difference.
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