[mr.burton]

Hey guys i know this is a really stupid question and idea, but hear me out.

Let's say i call up my finance company and tell them i simply cannot pay for my car loan etc it's a finance. I owe about 13,000$$. I would telll them to just repo the car etc.

I know this will fuck my credit...but what else will be done to me? Can i get arrested or have to go to court etc? Let's say tomorrow i lose my job and have to give up my ride, what are the consequences???

PS everything is cool right now, i just want to know what happens etc if i can no longer afford my car.

[Jaa1456]

As far as I know if you return the car it just messes up the the credit. Unless you try to hide the car than they can say you stole it. But since you would return it to them, you did not break any actual crimes, they loaned you the car so to speak until it was paid off. Just curious what year and type are we talking about exactly?

[mcqueen]

I believe they just repo it and your credit score takes a hit. I don't remember there being any other consequences when my dad lost his job and had 2 of his vehicles repoed while he filed bankruptcy. And they'll really appreciate it if you call them, tell them to repo it, tell them exactly where it is, and have the keys ready for them. Most people make it a hassle for the repo companies when they know they're going to lose their vehicle. So do them a favor and make it simple. It might feel shitty giving up your car so easily, but you'll make some guy's day when he finds out he's picking up a voluntary repo.

[mr.burton]

Thanks guys. It's a 2005 GT 5 speed with alot of mods etc. I just wanted to know, my job is a bit sketchy right now so i don't know wtf is gonna happen.

Basically if i lose my job....i'm gonna tell em to repo it lol.

[mcqueen]

If you still have some of your stock parts laying around, swap them back in before you have it repoed. You can at least get a few bucks back out of the aftermarket parts.

[Dennis]

umm depending on what state your in im almost certain some states allow the financial company to sell the car at auction to try to get as much as they can for it and what ever it sells for gets taken off of the loan and the rest your still liable for

[Jaa1456]

Or try and sell it for what you owe, at least your credit won't take a beating. That year with decent miles, you should be able to get around 13k for it. And like mcqueen said if you have the stock parts use them.

[Everett]

Try to sell it before you give it back.

[44 cents]

Voluntary repossession is much better as stated above. If you decide to give it back, leave it somewhere like a grocery store parking lot and tell them where its at and to go get it. There are absolutely no legal repercussions because what you are talking about is civil. The police do not get involved with "loans" or collateral. Unless you plan on having the car for a year or more without making a payment, the law doesn't get involved. Giving it back will only hurt your credit score, you have no worries of the police or court actions. It is not illegal to default on a loan.

If you did decide to stop paying and hide it from them its still difficult for the lein holder to do squat for a long time. They will put the vehicle on a list and basically anyone with a tow truck can go try and collect the collateral. On that year and make, it would probably have a $350-$400 bounty. If they cannot repossess the car, they can suspend your ability to renew the tags for that car or get new ones for another. They are quite limited in what they can do UNTIL the length of the original loan is reached.

Anyhow, thousands of people have had to turn in their cars and its not the end of the world. However, before you do that, I would suggest speaking to the lein holder and try to renegotiate a lower payment so you can get by. Doesnt hurt to try and alot of banks and lenders really want your payment and not your car back. Repo sales get shitty low prices for even the best cars and the banks know it.

[NoColoradoGT]

You could just sell it....

[mcqueen]

Selling it would be a good idea. I still see people wanting $10k+ for 05 V6s so I'm sure you could get $13k for your GT, especially if you don't have a ton of miles on it.

[TheGreatLouisianaRoadkill]

Originally Posted by Dennis umm depending on what state your in im almost certain some states allow the financial company to sell the car at auction to try to get as much as they can for it and what ever it sells for gets taken off of the loan and the rest your still liable for

This.

Honestly, if I was you I would try and sell the car for whatever you have left on your loan. You DO NOT want them to auction the car off and then stick you with the rest of the bill. You will still be paying for a car that you do not own.

[GTRACER88]

What mods do you have on your car? I'm sure you can sell out for what you owe.

[Alamo Stang]

Um, you cant sell the car without a clear title, unless youre suggesting someone pays off his car.

[castine917]

if you sell for more than you owe you can sell a car while you have a loan. you need to contact the lien holder on how to go about it in the best way. they basically take your money, sign off on the title, buyer gets title. this should be done whenever possible if the choices are repo or sell.

[blackGTstang]

When i was buying my car i saw plenty of people selling the car so they swap the remainder of the loan to you, but usually it was a terrible deal, like a beat to hell 05 GT with 80k miles with a 16k-17k loan

[HorsepoweR]

You should try to sell it first, you will get probably 2 months after you miss your payment before they come try to get it, if they take it and it sells at auction for 10 grand and you owe 13 on it they will take you to court and make you pay the difference plus their court fees, plus your credit gets toasted! I already went through this when I was 18-19. I had a good job and bought a 2000 GT with a $495 a month payment plus my insurance was sky high because of my age and had no parents, then lost my job and got fucked. I paid on the car for the next 3 years making up the price difference from what i owed to what they sold it for at auction, no bueno!

[1FastFox]

I agree with most of these guys, if you know you could be coming up on tough times why not try to sell it for what you owe. If things turn around you can always get another one...

[Lefty]

[phoenixmustang]

Sell your car ASAP.