Legal Question in Credit and Debt Law in Missouri
reposession
are the banks required to send letter of reposseion on a vehicle prier to repossesing it and if so do they then have to give nottice to you of the amount you need to pay inorder to get vehicle back and do you have 90 days to pay off the past amount.
1 Answer from Attorneys
Re: reposession
There is no notice per se required before reposessing a vehicle. In Missouri 10 days need to have passed after a 20 day Notice to Cure letter to you. This notice mentions repossession rights of the creditor.
Once the vehicle has been reposessed, the creditor needs to send notice of a public/private sale of the vehicle and then thereafter send you a Notice of Deficiency balance due before it can sue for its remaining balance.
Once the cure period has passed and the vehicle has been reposessed, your balance has been accelerated and the full balance is then due. Returning the vehicle for less than payment of the contract balance is completely discretionary with the creditor.
Good luck.
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