What happend if I stop make payment for Haas ?

I know what if I stop make payment for Haas, my cnc will eventually be taken back by Haas. My question is whether my credit will be bad or not?
Thanks

Haas would certainly be within their rights to put late payments and repossession on your credit record.

guy20sj said:

I know what if I stop make payment for Haas,...
Thanks

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A much better idea is to contact Haas, or whoever you make payments to and discuss with them your difficulty in making payments. If you just stop then you are a deadbeat and deserve a bad credit record entry. If you go and meet with them and present your position honestly then you are a businessman in difficulty. Perhaps they will let you reduce your payments and pay interest only; maybe they will not and will just simply repossess the machine. But if you have visited them and have done the correct thing then they cannot put anything negative on your credit record.

Sorry to hear about your rough time making payments. I would agree with both before me - Haas most likely is within their rights to ding your credit, and a call to them may get you the result you want.

Good luck to you.

The worst thing that you can do is to do nothing and wait for the worst to happen. Contact the lender, explain your problem and ask for help, better yet, hire a local young lawyer, for a pre-agreed upon fee, to do it for you.

Unfortunately, if you are not able to fully meet the current or subsequently modified obligations of the finance or lease contract on your Haas and a deficiency judgment is filed your credit rating will be adversely affected.

I have made the assumption that any obligations are in your personal name or that you have personally guaranteed the loan or lease. If neither of these are the case please tell us all how you managed to do it.

If you are married and your wife did not sign any of the documents associated with the Haas loan or lease your joint property is protected. Joint property are things in both of your names, usually a house, car, etc.

You should also try to find someone else to take the machine and assume the payments. Just be sure the lender is aware of this situation and transfers the liability to the new owner. Again, a lawyer is important in deals like this. It's unfortunate how much the legal profession has stacked the deck in their own favor but that's another issue for another thread.

Vern

Just like you would like your customers to contact you and work out an alternate payment plan, your lenders would like you to do the same. If you cannot work something out you can procede to more drastic measures, but talk first, many lenders wil let ou skip a few payments or I should say put off a few to help, they don't want the machine, they want money and a bit late is better than never.

I am pretty sure that machine will stop working too. That stop and get a reset code from HAAS thing will pop up. I don't think you get the final code till late in the payment cycle.