WHAT CAN HAPPEN TO THE DEBT AFTER YOUR CAR IS repossessed?

One of two things can happen after the car is repoed.

1. You redeem it by paying the past due and towing fees or

2. You let the lender sell or auction off the car.

If the selling price is enough to pay off the loan, then good..your credit it will show the account as a repo with no balance.

If the selling price wasn't enough, then the deficiency balance will still have to be paid...by you.

Again, you have choices..maybe not what you want but choices non the less....

you make whatever the balance that is left in one lump sum,

you make arrangements to make payments on what is left...and keep those arrangements...(it will help your credit in the long run) or

you don't pay anything until a judgment is filed and you are garnisheed.

Depending on the state you live in, the amount can range from a little out of each of your paycheck to alot.

Either way the bill gets paid.

You need to decide if it is worth all the trouble and embarrassment not to pay the bill.

Good Luck