Final answer:
Missing one payment does not lead to immediate repossession; communication with the lender is key to resolving financial difficulties.
Explanation:
False. Missing one payment does not typically result in immediate repossession of a vehicle. Many lenders offer options to assist borrowers facing financial difficulties, such as payment extensions or restructuring.
It is crucial to communicate with your lender as soon as payment issues arise to explore available solutions and prevent default. Default usually occurs after being 90 days delinquent on a loan payment.
By taking proactive steps and engaging with your lender early, you can often avoid repossession and find alternative arrangements to manage financial challenges.
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