Cryptic Note In MA Means Your Credit Score Is Gonna Tank

I won't forget the day I came home from work to find what I thought was my oil bill on the front door. It was a hand written note on an ordinary everyday index card that said, "Please Call Nick", except I had no idea who Nick was.

What That Cryptic Note Can Mean In Massachusetts

The note appeared to come from a local person, but strangely, he was looking for my younger brother. My brother, who lives 150 miles away from me, apparently wasn't keeping up with his truck loan payments and this company was trying to track him down.

The Repo Man Was Looking For Him!

Some way, some how, my address was associated with his and they were looking for his truck. Of course I'm talking about the repossession company, whoever that may be. I told them that he was my brother but that lived way east of me.

How Much Power Does The Repo Man Have in Massachusetts?

Enough, that's for sure. They'll pop your car even with all of your possessions in it. (They must return all of your stuff of course). They're not coming, though, unless you really default. Missing three payments (90 days late) and you can be sure of the tow truck in the middle of the night when you're sound asleep.

The Law

Under Massachusetts law, if you miss one or more payments, you’re in default and at risk of repossession. Your auto loan contract will give you the specifics. Before the lender can proceed with repossession, they must give you written notice and you must have been in default for 10 or more days.

This notice must state that you have a minimum of 21 days after the notice is mailed to cure the default. Curing the default means fixing the issue. Often this means making up missed payments, plus any late fees. If the lender allows you to do this, this will reinstate the loan, which allows you to continue paying on it as normal. upsolve.org

Repossession and you Credit Score

Getting your vehicle repossessed is not good. Your credit score will tank, and you'll likely pay astronomical interest rates on your next auto loan if and when you approved.