What will be the consequences if you don’t apply for Chery Financial Automobile Mortgage for three months?

If the car mortgage loan is not repaid for 3 months, corresponding penalty interest will be incurred, and a bad personal credit record will be left, which will affect the individual's future loan applications. It is recommended to return the overdue amount as soon as possible to avoid the vehicle being auctioned.

The consequences of not repaying your car mortgage on time:

If you fail to repay your car mortgage on time, the bank will notify you by phone or text message and remind you to repay it on time, and penalty interest will be incurred.

If the loan is not repaid three times in a row, the bank account manager will initiate collection, and the borrower will also be charged penalty interest.

If the number of overdue repayments reaches six or more times, if the bank and the borrower fail to negotiate and the court judgment is not fulfilled during the performance period, it will apply to the court for enforcement.

When accepting compulsory enforcement, the court will inquire about the properties, vehicles, securities and deposits in the name of the lender in accordance with the law.

If the lender has no property available for execution and refuses to fulfill the court's effective judgment, negative information such as overdue repayment will be recorded in the personal credit report, and high consumption and entry and exit will be restricted, or even There is a possibility of judicial detention.

If a loan applicant has the ability but refuses to execute the loan, he is suspected of refusing to execute the judgment or ruling.

Note: Article 313 of the "Criminal Law" stipulates that the crime of refusal to execute a judgment or ruling is a crime of refusing to execute the judgment or ruling of the People's Court. If the person is capable of executing the judgment or ruling of the people's court but refuses to execute it, and the circumstances are serious, he shall be sentenced to not more than three years. Imprisonment, short-term detention or fine.