Basically I have an old car. All estimates given were verbal. After everything, the total ended up being 6k of work. I can finance about 3, which leaves 3 for me to make cash. In the event that I cannot pay the bill, what will happen?
I assume my car will get repossessed by the mechanic and sold at auction, but how will this affect my credit? Will this affect my credit at all? Has anyone had a similar situation where they were able to settle on the final bill? Any insight is welcome and appreciated
What you mean it doesnt matter! It makes a world of difference if it’s paid for or not. If you put a lien on a financed vehicle, the bank pays or takes care of it almost instantly. Whereas if it’s owned outright you have to go through court and sue and then still not get paid.
We have put liens on vehicles that we’re financed and vehicles that weren’t. Neither involved what you mentioned. The dealer that financed the vehicle didn’t want to pay the full bill, we put a lien on it and sold the vehicle. The last one we did was owned outright by the customer. We put a lien on the vehicle and now have a title in our name. No court involved.