Typically, if you had defaulted the payment for two to three months, depending on your automobile loan contract, your creditor will immediately tried to contact you via post or phone.If payment is still not made, the creditor will go on to repossess your vehicle by engaging repossessing company. Once towed, you the hirer will be given a chance to pay for your defaulted payment on top of the repossession charge. If still unable to recover the payment from you, your automobile will be sold off. This will not end here. Your automobile which will be sold at a price that available based on demand without much bargaining and the money obtained will be used to pay off your automobile loan. In usual cases, it will never cover the full loaned amount, which means you still have to pay for the balance. Now, the situation at this point will leave you with no car to drive and worst still, a debt to pay. Paying for something which you do not owned is not something you would like and that is the aftermath of a car repossession. Sad to say, it really does not end here as it will affect your credit to a very large extend. All economics statistic are to be monitored and regulated closely in order to truly reflect how well the economics are doing. In most developed countries, there will be a department called the credit bureau who will be in charged on monitoring and regulate debt and statistics. Some jobs even request for your credit report before they consider to employ you. All your credit histories will be generate in this report. Banks usually screen for your record before they consider to give you that loan you apply. Constantly defaulting your loan repayment will result in bank declining your loan application.