nothing happens right away. First they have to sell the car at auction. What the car brings at auction is deducted from the total amount due and then of course the lender adds in the "fees" for towing and storage. Then your friend will be billed for the difference. 9 times out of 10 the OC will sell the debt to a CA and they will be ruthless in getting at least a settlement on the account. I had a mustang, owed Ford 15000 deficiency, settled for 2500.00 Ex has 2 vehicles, owes 1300 and 1900 respectively and both want pennies on the dollar. Big hit to credit however and her "auto" score will be low.
