What happens if I default on my auto loan payments?

If you default on your auto loan payments with Chase Auto Finance, there are several consequences that can occur. Initially, Chase may start sending you reminders and late payment notices to prompt you to make the overdue payment. If the default persists, Chase has the right to declare your loan as in default and take legal action against you, which can result in repossession of your vehicle. Following repossession, the vehicle will likely be sold, and you will be held responsible for the remaining balance of the loan. Moreover, your credit score will be negatively impacted, making it challenging to obtain credit in the future. To avoid these consequences, it is crucial to communicate with Chase Auto Finance if you are facing difficulties and explore options like deferment or renegotiating the loan terms.