Can my truck be legally repossessed after missing only one payment?

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Can my truck be legally repossessed after missing only one payment?

I have been making payments on my truck for a year now but missed last months payment. So they took the truck; I never got a call or mail saying it was late. Don’t they have to let me no before taking it back?

Asked on May 5, 2012 under Bankruptcy Law, Nevada

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Once you miss even one payment, you are in default on the loan and your truck may be repossessed. It does not matter what your previous payment history was.

As for whether they had to first give you some notice of your default and/or a chance to "cure" or correct it, you need to look at your financing or loan documents--those documents, which constitute a contract which you signed, are enforceable, and will set out your rights and the process or procedure in the event of default. You have whatever rights are provided for in those documents.


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