1, resulting in high penalty interest.

After the mortgage car arrives in loans overdue, it will definitely generate a penalty interest.

No matter financial institutions or banks, the penalty interest is generally higher than the loan interest.

Loans overdue penalty interest of banks is usually 1.5 times of loan interest, while overdue penalty interest of private auto financing institutions is generally 160% of loan interest.

2, affecting personal credit.

After loans overdue, credit information is generally collected at the meeting.

Lending institutions that can issue mortgage loans are generally companies with relatively strong financial strength, and they all have certain cooperation with the central bank's credit information.

In other words, when you apply for a mortgage loan, you will basically go to the credit bureau.

Once in loans overdue, the borrower's credit information will have a bad overdue record.

Any financial institution will refuse to lend to the borrower if it reaches a sustainable situation.

In the future, borrowers will be greatly hindered in applying for car loans, mortgages, credit cards, etc.

Step 3 be collected

After loans overdue, in order to urge borrowers to repay, financial institutions will choose a variety of collection methods.

More common are telephone and SMS collection. If it is a private financial institution, it will also contact the borrower's address book friends and even contact the borrower's family.

If it is some informal financial institutions, you can even take some collection measures.

For example, send threatening text messages and go directly to the borrower's work unit.

4. It was towed away

After the car mortgage is overdue, if it is overdue for a long time, financial institutions may choose to tow the car directly in order to recover certain losses.

After the car is forcibly towed away by financial institutions, it will generally choose to auction the car directly.

The proceeds from the auction will be used to repay the arrears, and if there is any surplus, it will be owned by the borrower.

But in most cases, the auction price will be much lower than the original value of the car.

Step 5 be sued

After loans overdue, if the borrower fails to repay the loan for more than three months, the financial institution may sue the borrower.

After the prosecution, the court will investigate, and once the case is filed, it may enforce the borrower.

After being enforced, the assets under the borrower's name will be frozen and auctioned.

If there are no assets under the borrower's name, it may be listed as an executor of bad faith, restricting consumption and travel.

If you want to query the online loan data report, you can find it in: Beijian Quick Query, which can check the user's application times, online loan data, online black index score, hit risk warning, court prosecution information, arbitration case information, dishonesty information and other data. The queried data is very accurate.

Extended data:

How long will it take loans overdue to collect the car?

The collection time of the vehicle after mortgage in loans overdue is uncertain, but the vehicle will not be directly collected after it is overdue. Unless the overdue time is too long, the bank/lending institution fails to reply to the repeated reminders, or even can't contact anyone, then it is possible to sue. If the court still doesn't pay back after the judgment, it is estimated that the vehicle will be put away for auction, and then the money from the auction will be used to pay back the arrears.

If you don't want to be taken over, you must pay attention to repayment on time.

In case it is overdue, we should also find ways to pay it off as soon as possible.

If it is really unclear at the moment, you can take the initiative to negotiate an extension.