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Bookmark or Share- What Can and Can't Be Repossessed by Creditors - NoloWhen you default on a secured loan, like by not making your car payments, the lender can take the vehicle (the collateral) from you. Taking the collateral is called "repossession." Repossessions are usually "self-help," which means the creditor takes the item without getting a court order ahead of time. How Does Repossession Work?
- Vehicle Repossession | Consumer AdviceHere’s what to do if you can’t make car payments or if your car is repossessed. If you’re having trouble making car payments, contact your lender as soon as possible. Don’t wait for the company to repossess your car. Many lenders will work with customers if they think you’ll be able to pay soon, even if the payments are slightly late.
- How Does Repossession Work? - ExperianRepossession happens when your lender or leasing company takes your vehicle away because you've missed some payments on your loan or lease—and it can occur without warning if you've defaulted on your auto loan. If you're worried about repossession, here's what you need to know about the process. What Is Repossession?
- How Car Repossession Works and What to Do Next - NerdWalletWhen your car is repossessed, you may not know why it happened — or how you’re going to get to work the next day. But you can recover by taking action to take care of your transportation needs and...
- What to Do After Your Car Is Repossessed: Know Your RightsBelow, we explain your options for reclaiming your personal property and getting your car back, as well as repossession’s impact on your credit (including the differences between voluntary and involuntary repossession).
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