Defaulting on a car loan can result in repossession, a broken credit score rating, and even authorized motion. Your car could also be taken with out warning, bought at public sale, and you may nonetheless owe the remaining steadiness. Plus, it stays on your credit score report for years, making future loans tougher to get. Don’t panic—contact your lender early to discover choices like cost extensions or hardship applications. Stay knowledgeable to keep away from long-term monetary penalties
source
