* Breach of contract: The repossession itself is usually authorized by the terms of your loan or lease agreement. Hiding the car is a breach of that contract, potentially leading to further fees and charges added to your debt.
* Criminal charges: Depending on how the car is hidden (e.g., on private property without permission, or in a way that obstructs public access), you could face criminal charges such as trespassing or obstruction of justice. These charges can lead to fines and even jail time.
* Civil lawsuit: The lender can sue you for the remaining balance on the loan, plus costs associated with the repossession, storage, and legal fees. They may also pursue additional damages for the inconvenience and costs caused by your attempt to hide the vehicle.
* Difficulty obtaining future credit: Your actions will be reflected in your credit report, making it harder to obtain loans or credit in the future. This can have a significant long-term impact on your financial well-being.
It's crucial to understand that hiding a car is not a solution to repossession. It only exacerbates the situation and leads to more serious consequences. It's always best to contact the lender directly to explore options like repayment plans or voluntary surrender of the vehicle, even if it's a difficult conversation. Seeking legal advice from a qualified attorney is highly recommended if you are facing repossession. They can advise you on your rights and help you navigate the legal process.
