If you don’t pay a buy here pay here dealership, you could face several consequences. So let the buy here pay here miami explain it to you.
First, the dealership may repossess your vehicle. Buy here pay here dealerships often finance the cars they sell in-house and have the right to repossess the vehicle if you fail to make your payments. If the dealership repossesses your vehicle, you will lose your transportation and may have to find a new way to get to work, school, and other appointments.
Second, the dealership may charge additional fees for repossessing and selling the vehicle. These fees can include storage fees, auction fees, and other charges. These fees can significantly increase the amount you owe the dealership, making it even more challenging to pay off your debt.
Third, defaulting on your buy here pay here loan may damage your credit score. Payments and repossessions can negatively impact your credit score, making it harder for you to get approved for loans and credit cards in the future. A low credit score can also lead to higher interest rates, making borrowing more expensive.
Finally, defaulting on a buy here pay here loan can result in legal action. The dealership may sue you for the unpaid balance of your loan, which can result in a judgment being entered against you. A review can allow the dealership to garnish your wages or seize assets to pay off the debt.
It’s important to remember that a buy here pay here dealership is a business, and they expect to be paid for the vehicles they sell. Therefore, if you need help making your payments, you must communicate with the dealership and try to find a solution.