Legal Question in Credit and Debt Law in Missouri
Repossessions
The Company that I have one of my dump trucks financed through are wanting to repossess it because I got three payments behind. I overnighted them two payments they said that this was unacceptable and they were sending me back my payments. they want the truck instead. I only have eleven payments left out of sixty payments. I purchased this truck for 100,000.00. I have been going through a divorce that is why I got behind. I explained this to them. Do I have any rights in this matter? Or do I have to give them the truck? thank-you
1 Answer from Attorneys
Re: Repossessions
You have certain rights in Missouri by virtue of having paid for more than 60% of the truck. The truck can only be repossessed if doing so can be done without a breach of the peace. You do not have to voluntarily surrender the truck, although, in some circumstances, it might be a good idea. Only an attorney fully informed of the facts can help you make that decision.
Your best bet is to have your lawyer send a letter telling them that you can cure your delinquency and informing them that you want to exercise your right to cure under the agreement. If they still wish to play hard-ball at that point, one option might be bankruptcy, but it is a difficult option, and one for which you need to seek legal advice.
Usually if you have an attorney negotiate for you, you can get a better deal when dealing with creditors than if you try to do so yourself.
Hire an attorney and let the attorney deal with these folks. And remember not to deal with that company on any future financing.
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