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What will happen if you cannot finish your car loan?

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chokoi

I loaned a car from OTE and im thinking not to continue my monthly obligation due to financial issues.Please help what I have to do.thanks

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Gary

I don't know where you are but over here they come and get get it and your credit is shot..

aryavrat

Welcome to Expat-Blog Chokoi...........
My reply is also same as above........we don't know where you are and what you have to do is.........post this thread in that particular frum where you have taken loan and definately somebody must be knowing will reply you,

Regards,
Anil

aryavrat

You are in Oman so post this thread in Oman Forum for better reply...............

stumpy

chokoi wrote:

I loaned a car from OTE and im thinking not to continue my monthly obligation due to financial issues.Please help what I have to do.thanks


First the financial institution you borrowed the money from will contact you about your situation. If you cannot make the payments they will repossess the car and sell it to recover their money.
You will then have a have a black mark against your name regarding credit rating and you will not be able to borrow any more money.

aryavrat

Well said stumpy.............

James

Pretty much the same here in Brazil, the car gets repossessed by the financial institution, sold for whatever they can get for it. If it doesn't cover the total of the remaining debt you're still on the hook for the rest and you must pay it. Your credit is shot for at least 7 years.

jm222

THey will take it back

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