Keeping a vehicle on which payments are behind
Be aware that in most states, when you are not current with your payments, a lender that has a lien on your vehicle has the right to repossess it (take it) from you without warning. This is true even if you are only a “little bit” behind in your payments. Even if the lender’s employee tells you on the telephone that it is “okay” so long as you make a certain payment by a certain date, that person may not have the authority or knowledge to make such a promise. The bottom line is that unless you are completely current on your vehicle payment and insurance or you are in a bankruptcy, your car may be at risk of being repossessed.