ANSWERS: 8
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I would IMAGINE that they'd declare you bankrupt? I dunno, what was tghe loan secured against
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I believe they could take you to court. I am not sure about them bringing you to court, but you did enter into a legal contract when you signed your papers. So it would be a legal issue.
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If you don't pay back the loan, not only will it be reflected on your credit report but the bank will take you to small claims court for the amount you owe.
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They could sue you and the court could issue a judgment. Generally, they'll just send debt collectors to hound you. You may want to figure out a payment plan with the lender and chalk this up as an expensive lesson and to always pay your SECURED debts first.
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They garnish your wages or the wages of your co-signer...If you don't work then in time they can put a lien on your house or property...Those finance companies are in the business of making money not losing it...
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You are being billed for the deficiency balance. If you do not make arrangements to pay back the amount due, the lender will secure a judgment against you. The judgment will appear on your credit report for the next seven to ten years (or longer) labeling you as a significant credit risk and dramatically lowering your credit scores. This lack of creditworthiness will raise the cost of your home and auto insurance, double or triple the cost of your existing consumer credit accounts, disqualify you from obtaining government mortgages, cost your job opportunities and advancement, etc. This is based on lose credit in good times. Things are no longer that rosy. Repos are about to impact credit with as much force as a home foreclosure. You are about to become a pariah, an outcast. Oh yeah, and if someone co-signed for you, their credit will be equally trashed. I'm sure they will thank you for the expense.
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old question.
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You'll be screwed royally, or the person who co-signed will be.
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