Wonn't FAW-Volkswagen take back the car with a loan?

The loan from FAW-Volkswagen will not be enough to collect the car, but if it is not paid back, your property and car will be seized and your car or property may be auctioned. What is more serious is that your credit will be affected, you will be sued, and your house and car may be in danger. Next, we will discuss this topic in detail.

First, won't the FAW-Volkswagen loan return the car?

Theoretically, you won't accept the car, because at this time your loan is not returned to FAW-Volkswagen, but to the bank. From the time you get a loan to pick up the car, your repayment target is the bank. Therefore, FAW-Volkswagen will not accept your car, and the bank will let you pay back the money. In fact, if the car is not returned for a long time, even other property will be seized and auctioned.

Second, the consequences of FAW-Volkswagen's failure to repay the loan.

1. If you fail to repay once, the bank will notify you by phone or SMS to remind you to repay on time, and there will be penalty interest. In other words, you have to pay more interest this time.

2. If you don't repay the loan for more than three times, the bank will send customers to collect it and will also impose penalties.

If your car loan is overdue for more than six times, the bank will definitely sue you. In the meantime, your property may be seized and your car will be impounded.

The court will definitely let the bank negotiate with you in advance and let you repay in full. If not, the court will enforce it and auction your mortgaged property or vehicle according to legal procedures.

5. There will also be bad credit records, which will affect subsequent loans and credit card processing. Whether it is a credit loan or other loans, the credit report will inevitably leave a bad record after it is overdue. If the overdue circumstances are serious, mortgage and car loan may be affected.

In short, whether it is a mortgage or a car loan, it must be repaid on time every month. If you can't repay the loan on time, your credit will be affected, you will be sued to the court and eventually enforced.