One of the worst things that can happen to a driver is falling behind on car payments. In Mississippi, cars are essential for getting to work, transporting family members and simply carrying on with day-to-day living.
Being without a car is what often befalls those who become too far behind on their vehicle payments. When one finances or leases a car, their creditor holds crucial rights. These rights conclude when the car is paid-off, but until then, drivers must understand and acknowledge these rights. Unlike other assets, such as a home, vehicles can often be seized by creditors without a lengthy legal process or warning in advance. This is known as repossession and usually happens after the driver has missed a number of payments.