When you borrow money to buy a car or truck, the lender can take your vehicle back if you miss a payment or in some other way violate the contract. You should also be aware, the lender:

• can repossess with cause without advance notice;
• can insist you pay off the entire loan balance in order to get the repossessed vehicle back;
• can sell the vehicle at auction;
• might be able to sue you for the difference between the vehicle's auction price and what you owe; but
• cannot break into your home or physically threaten someone while taking the vehicle.

If you know you're going to be late with a payment, talk to the lender to try to work things out. If you and the lender reach an agreement, be sure you get the agreement in writing. Contact your state or local consumer protection office to find out whether your state gives you any additional rights.