Flynrider
Phoenix,#2Consumer Comment
Mon, September 24, 2012
First of all, according to what you wrote, your loan has been deliquent for six months. You can't just miss a payment or two and forget about it. The loan stays delinquent until you have brought the account current, which includes late fees and additional interest. Frankly, I'm surprised that a subprime lender like CNAC hasn't reposessed it already.
" I owe $3,000 more than the car is worth. Does anyone know what will happen if I let them reposess it? "
They will take the car and sell it for pennies on the dollar at auction. Then they will come after you for the difference between the outstanding loan amount and what they got for the car at auction, plus reposession fees.