Wiki User
∙ 14y agoNo, you must surrender the vehicle in the condition you received it in.
Wiki User
∙ 14y agoNo you will not be arrested. Turn the car in if you are not going to make the payments. Having you car repossessed is a horrible idea, if there is any way you can avoid it. Talk to the lender and see if you can work something out. Remember you will still owe the balance on the difference in what they sell the car for and what is owed. Plus you credit is ruined for 7 years.
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
You have no choice.
The difference between the sale price & loan balance is what they will bill you for.
It will be far better for your credit if you pay it off and sell it. When THEY sell it they are more than happy to sell it at auction for a loss then turn to you to make up the difference. It can mess up your credit for a long time.
As soon as they sell the car so they will know what the balance due is.
You are unless it's a TITLE LOAN, they usually write it off.
The bank will sell yours at auction. Whatever they do not recoup, you owe the difference.
no, they will sue you for the balance owed after the sale
Unless you contact the bank and work out a solution, they will sell the car. You will then be liable for the difference in what the car sells for and the balance on the note.
they sell the auto at an auction sell it to the highest bidder and you the remainder
When your car is repossessed, they sell it for what they can get. Value has nothing to do with what price it brings. They simply get what they can. You are then responsible for the difference in the amount they sell the car for and the balance on the note. Your credit is then ruined for 7 years. This is why having a car repossessed is a horrible idea, and should be a last resort.