Repossession is not a fun thing. Losing your car, truck, motorcycle or boat can be embarrassing and inconvenient.
But just like anything in life that people hope to avoid, there are a few misconceptions that the general pubic has about the process of repossession.
If you find one of your vehicles in danger of being repossessed, the best weapon is knowledge. With that, you will be able to make informed decisions.
Repossession Myth #1: My vehicle can’t be repossessed until I’m at least 2 months behind on payments.
This is absolutely untrue. While bill collectors generally wait until at two or three months worth of missed payments, they can take your vehicle away if one payment is one day late.