What is the name of your state (only U.S. law)? NJ
So I'm in sales and my annual income has been cut in half year over year since I'm mainly commission oriented. I have an expensive vehicle which i can no longer afford. I'm 2 mos behind in my payments and am considering a voluntary reposession. The problem is that I'm $11k or more negative equity in the vehicle and the bank says they will put my car up for auction and any negative equity will be billed to me personally. What happens if I dont pay them? Obviously I have no cash to pay that. Any advice or experience?