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What happens if I default on my car loan?

Defaulting on a car loan can lead to late fees, a dip in your credit and even vehicle repossession.

A banner advertising credit for car sales is posted at Amigos Auto Sales on September 06, 2023 in Richmond. Yet California's new Lemon Law taking affect next year, may leave some buyers without recourse if they buy a clunker. Photo by Justin Sullivan/Getty Images)
A banner advertising credit for car sales is posted at Amigos Auto Sales on September 06, 2023 in Richmond. Yet California’s new Lemon Law taking affect next year, may leave some buyers without recourse if they buy a clunker. Photo by Justin Sullivan/Getty Images)
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Defaulting on a car loan can lead to late fees, a dip in your credit and even vehicle repossession.

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