First, after the lending institution brings a lawsuit to the court and wins the case, the court will judge the defendant to fulfill the repayment obligation within a certain period of time.
Second, if the defendant fails to perform the court decision within the prescribed time limit, the public prosecutor will apply to the court for enforcement. When the court enforces it, it will inquire about the houses, vehicles, securities and deposits under the defendant's name according to law.
Thirdly, if the defendant has no property to execute and refuses to perform the court judgment, the defendant's loans overdue, bad credit information and other negative information will affect his daily life. Different loan contracts have different terms, but the losses of mortgage owners are still relatively large. The first thing that will be affected is personal credit. I believe everyone knows the importance of credit. If you are blacklisted, you may not be able to borrow money to buy a car or a house for some time. May affect life, study, promotion, etc. The second is to pay the excess penalty interest. If the car loan is not repaid on time, different lenders will demand payment in different ways. At the same time, interest will be increased according to the contract, and the increased amount will be calculated on a daily basis. In addition to paying high penalty interest, some financial institutions also charge a certain amount of late fees. The other is to file a lawsuit and then enforce it. 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. At this time, cars may be seized, bank deposits frozen and collateral confiscated.
What should I do if I can't pay the car loan for the time being? Car owners can apply for an extension, but the bank's review of the extension application is strict. Due to different letters of credit, the extension time is different and the term is different. Usually 3 to 30 days, but most delays are only a few days. If it is only temporary difficulties, such as insufficient funds or arrears of wages, then in this case, you can borrow money to repay the loan first. Then wait until the funds are in place to repay the loan. After all, defaulting financial institutions have a great influence on themselves.
Legal basis: According to Article 244 of the Civil Procedure Law of People's Republic of China (PRC), the people's court has the right to seal up, detain, freeze, auction or sell the property that the person subjected to execution should perform. However, the necessities of life of the person subjected to execution and his dependents shall be retained. The people's court shall make a ruling on taking the measures mentioned in the preceding paragraph.