* Increased fees and costs: Repossession companies will add fees for their time and effort spent searching for your vehicle. These fees can be substantial and will increase the amount you owe.
* Towing fees from a different location: If they eventually locate your car, they may tow it from a more inconvenient or expensive location, adding even more to your debt. They might even tow it from private property, leading to additional fines and legal battles.
* Legal action: The lender can sue you for breach of contract and pursue legal action to recover the debt, including potential wage garnishment or the seizure of other assets.
* Damage to your credit score: The repossession itself significantly damages your credit score, but actively hiding the car will make the situation worse and stay on your record longer. It will be much harder to obtain loans or credit in the future.
* Criminal charges: Depending on the circumstances, and especially if you actively obstruct or impede the repossession process (like using threats or violence), you could face criminal charges.
* Difficulty in getting future loans: The entire event is flagged and becomes part of your financial history, making it extremely difficult for you to get car loans or any other kind of loan in the future.
Instead of hiding your car, it's far better to:
* Contact your lender immediately: Explain your situation and see if you can work out a payment plan or other solution to avoid repossession. This is the most crucial step.
* Seek professional help: Contact a credit counselor or a debt relief agency to explore options like debt consolidation or bankruptcy.
Trying to hide your car only delays the inevitable and creates more problems and expenses. Addressing the underlying debt issue directly is the best and only responsible course of action.
