If it is a temporary financial difficulty, you can seek temporary help from relatives and friends. However, when borrowing money, it is best to make a good loan slip and repay it in full and on time. As the saying goes, "It's not difficult to borrow after borrowing."
3. If the lender maliciously breaches the contract or fails to repay the loan on time for several consecutive periods, the financial institution will appeal to the court, and at the same time, the financial institution will apply for property preservation. At this time, vehicles will be seized, bank deposits will be frozen and collateral will be seized. This kind of lawsuit is generally inevitable for consumers. You also need to pay legal fees.
Overdue car loans have the following consequences:
1. Bank loans overdue will be recorded in the personal credit report and regarded as a bad record, which will have a considerable impact on applying for bank loan business in the future. Moreover, the bank loans overdue will generate a penalty interest, which is charged at 130% of the bank loan interest;
2. Bad credit record: once the auto loan is obtained through auto financing institutions, the personal credit report will leave an overdue record. If the overdue times are few and the amount is not large, and the overdue amount and overdue interest are replenished in time, it is an ordinary overdue record. If the overdue amount is large and overdue for a long time or many times, it will be pulled into the credit blacklist.
3. There are also late fees. If the borrower fails to repay the loan for more than three months, the other party will bring a lawsuit to the bank according to the provisions of the loan contract or guarantee contract, and then freeze the deposits in all bank accounts of the borrower and guarantor and seal up the mortgaged property.
4. If loans overdue lasts for more than 3 months or 6 months, the lender may sue the borrower according to law. After the lender wins the case, the court may freeze the borrower's property, such as real estate and bank deposits, according to law. After compulsory execution by the court, the principal, interest and penalty interest of the car loan will be deducted, and the litigation costs will be borne by the borrower. If the borrower refuses to repay, or is unable to repay, it will become a faithless person.