I recently bought a car, and have to make payments for it each month. I will have to return to military service soon, and am wondering what will happen to the loan contract when I go.
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Section 532 of the SCRA prevents cancellation of installment contracts for real or personal property (like your car) after a servicemember enters the military or military service, as long as you made the purchase before you entered military service and you have made at least one payment on the contract (for example made one month's car payment). What is more, the bank or creditor cannot repossess your property while you are on military service unless the bank or creditor gets a court order.
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Section 532 of the SCRA prevents cancellation of installment contracts for real or personal property (like your car) after a servicemember enters the military or military service, as long as you made the purchase before you entered military service and you have made at least one payment on the contract (for example made one month's car payment). What is more, the bank or creditor cannot repossess your property while you are on military service unless the bank or creditor gets a court order.
