[phillymt07]

I was 3 payments behind and them impounded my car. Now they want 4 payments plus the impound yard charges. What happens if I just walk away from the car loan?

[JudyKayTee]

They seize the car (which they've already done), sell it for whatever they can get for it, sue you for the balance PLUS EXPENSES and get a Judgment against you. This, of course, follows you on your credit report.

[Fr_Chuck]

Sorry, know it is not a joke, but if they took the car you do have to "WALK" away.

OK, what happens, they take the car to some auction and sell it. If it is worth 6000 retail, most likely it may sell for 1500 to 2000 dollars, so if you still owed 4000, they apply lets say 2000 to it, so you still owe them 2000 of the 4000. Then they add the repo fee, add the towing and the impound fee. Then they add the title fee, and unless you gave them a key, a fee to rekey the car normally.

So for the 4000 dollar you did owe, you may owe 5000 after they repo the car, YEP, after they take the car you often still owe them more than you did before they took the car. ** not always of course but I hope you get the idea.