I’m not on the line or anything but I recently bought a car. Decided to blow a fat wad last month and pay off half of it. The cars worth 29k and I owe just under 15k.
I forgot a payment on thanksgiving(thought I was on autopay) and got a super threatening phone call about possibilities if I didn’t pay by EOD Friday.
Obviously I paid it because it was my mistake and they even waived the late fee for me. But it got me thinking. Let’s say I said screw you(which I’m not because I value my credit that I worked and continue to work hard to rebuild) and didn’t pay. If they take my car back do I get the positive equity? I couldn’t find much with my lender given that it’s a tiny local credit union.
Purely for educational purposes here.
Edit:
So I’ve read my contract and it simply states that the asset of found in default would be forfeited. That seems criminal Timmy given that I’ve already put nearly $20,000 into US $30,000 vehicle.
In: 9
Read the contract you signed when you got the car. Typically if you default on a set number of payments they will repossess the vehicle and you will get nothing (other than poor credit rating), as per the terms in the contract you signed.
Latest Answers