Wednesday, May 26, 2010

If you default on car loan,and they dont reposses it,what legal recourse does creditor have??

It will go on your credit report fairly quickly. After that it depends on what company and how much you owe. Most will call you 1 or 2 times a day and threaten you. Some will file a lawsuit against you but it normally takes months or even years. To stop the calls never admit who you are or that you live there and after a couple of weeks they will quit calling. However if say your friend answers the phone and says you are not home they then put it in the computer as your house and they start over. Most of the companies work very hard at not letting you know what they want before you tell them who you are, remember that. Good luck!



If you default on car loan,and they dont reposses it,what legal recourse does creditor have??

They can probably garnishee your wages. They can also file a bad credit report that will be with you when ever you apply for any future loans.

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