1, overdue penalty interest: the lender will charge overdue penalty interest according to the contract, which is the extra cost caused by your failure to repay the loan on time.
2. Damaged credit record: Overdue repayment will have a negative impact on your credit record, which may affect your ability to apply for financial services such as loans and credit cards in the future.
3. The vehicle is towed away: If the car loan cannot be repaid for a long time, the lending institution has the right to take legal measures to tow the vehicle away. This is to protect the rights and interests of lending institutions in order to repay debts by auction or other means.
4. Legal proceedings: If you owe a large sum of money on the car loan and cannot repay it for a long time, the lending institution may take legal proceedings to recover the debt. This may lead to further legal disputes and economic losses.
In order to avoid the above situation, it is suggested that you communicate with the lending institution in time and seek solutions, such as delaying repayment and adjusting repayment plan. If you really can't repay the car loan, you can consider negotiating with the lending institution to seek debt restructuring or other repayment arrangements. In addition, reasonable financial planning and timely repayment are also important measures to avoid this situation.
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