Legal Question in Business Law in Mississippi
How far in payments can be behind before they can repo the car
Asked on 8/18/10, 2:14 pm
1 Answer from Attorneys
Wayne Woodall
Wayne Woodall Attorney
The contract controls, but technically "one" payment will do. If you are late on one payment or if you fail to produce evidence of insurance the lender can repossess the vehicle. Usually, though, due to the costs of repossession, it takes two payments behind or more "...to activate the tow truck."
Answered on 8/27/10, 5:47 pm
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