How Late Can You Be on a Car Payment, Mortgage or Other Bill?
Credit Corp
JUNE 14, 2023
Car Repossession It’s important to realize that an auto loan is a type of secured loan. Therefore, if you fail to make your payments, the lender has the legal right to take your car. This process is referred to as repossession. Laws regarding car repossessions vary from state to state. Rent is a bit different.
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