Legal Question in Credit and Debt Law in Michigan

repossession of a vehicle

As of this Friday, Aug. 29th, my truck will be 3 months behind in payments. The loan company says that I MUST make 2 payments by this Friday. Is this true? Or, can I just make one payment so my truck will be deliquent by 2 months but still enough to be out of range for them to repossess? (3 months is the ''magic'' number for repossession?) Thanks in advance, Erin


Asked on 8/27/08, 10:17 pm

1 Answer from Attorneys
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: repossession of a vehicle

The loan company doesn't magically get forced to cooperate with you just because you send them one payment. If you want to keep your vehicle you need to cooperate with the lender. If you cannot come up with the payments they request, try and negotiate with them, maybe pay 1 and a half now, and pay another 1 and a half in a couple weeks to get caught up, and see if they'll agree to that.

Read more
Answered on 8/28/08, 12:51 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Michigan