You will not be forced to pay, they will make it seem that way. I went through the same thing about 12 years ago. In seven years it will come off your credit report, and before the seven years is up they will offer you reduced payoff amounts. But if you decide not to pay I will tell you that it sucks having bad credit. Good Luck
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On repossions it is true thay you are held accountable for the difference of what you owed and what they sold it for plus any legal fee's. Now if you pay that difference your credit does still suffer but it showes as a paid debt. If you don't pay it all they can do is report it to the credit agency's.
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