Legal Question in Credit and Debt Law in New York
Truck Reposession
I haven't had a job in 4 months. If i make a partial payment on a truck loan and i have been late for the past few months, can my truck still be repossesed, even if the company says that i have to make a full payment?
1 Answer from Attorneys
Re: Truck Reposession
What does your agreement say about repossession? And did you get written notice? It seems like a foreclosure where when you owe too much, they are entitled to get back the vehicle. Howeverm when the get it back, it will be sold at auction and you will be sued for the the shortage.
Try to work out a hardship with them and be realistic with them and with yourself when the loan payments can be brought back up to speed (usually a very short time frame) and when your payments can begin again.
Good Luck
RRG
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