I have had a car on finance for nearly 2 years and i've just been made redundant!!! Whats goin to happen to my car???
What happens to car on finance when made redundant?
Nothing, as long as you find another job and keep the payments up.
If you don't, it will repossessed, and sold at auction, and you will be responsible for the difference between the sale price and what you owed plus the costs of repossession. They are very serious about being paid, and will do whatever it takes to get their money, the debt will not go away, so you will still owe and not have a car to show for it. Also your credit rating will suffer for 6 years.
Reply:Probably will be re-possessed if you cannot make payments.
floral
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