Generally, no. Most car companies will not repossess your vehicle after just one missed payment. However, this may vary depending on the terms of your loan agreement. Some lenders may allow repossession after as few as two or three missed payments. If you are concerned about being able to make your payments, it is important to contact your lender as soon as possible to discuss your options.
What is a right to cure letter?
A right to cure letter is a notice that is sent to you by your lender if you are behind on your car payments. This letter will inform you of the amount that you owe and the date by which you must pay it in order to avoid repossession. The letter will also provide you with information about your right to cure, which is the right to bring your loan current by making up all of your missed payments plus any late fees and other charges.
Missouri specific laws:
In Missouri, lenders must send you a right to cure letter at least 15 days before repossessing your vehicle. The letter must also provide you with information about the Missouri Used Motor Vehicle Board, which can provide you with assistance if you are facing repossession.
