What will happen with the loan now that I am no longer in possession of the vehicle? 4 Answers as of September 11, 2013

The car I used for collateral engine went up and was unable to be fixed. It was taken to a scrap yard.

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Law Office of John C. Farrell, Jr.
Law Office of John C. Farrell, Jr. | John C. Farrell, Jr.
The fact that your car blew up does not negate the loan that is owed.
Answer Applies to: Massachusetts
Replied: 9/11/2013
SmithMarco, P.C.
SmithMarco, P.C. | Larry P. Smith
Eventually, the company that financed you will come looking for the money that is still owed. If you do not continue to make your monthly payments, or pay off the balance of the loan, then they will report this as a bad debt on your credit reports, and they will attempt to collect the debt through either a collector, a lawyer, or by themselves. Regardless of what happens, my firm handles consumer protection and can assist with any problems.
Answer Applies to: Illinois
Replied: 9/11/2013
Edelman, Combs, Latturner & Goodwin, LLC | Daniel A. Edelman
You still owe the money.
Answer Applies to: Illinois
Replied: 9/11/2013
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
You still owe the money so they will probably sue you.
Answer Applies to: New York
Replied: 9/11/2013
Click to View More Answers: