Posted on November 10th, 2024.
We can help you get your vehicle back within 24-48 hours. What Is Repossession? Repossession occurs when a lender or leasing company seizes your vehicle for nonpayment. When you take out a car loan, the vehicle you buy acts as collateral to secure the loan—meaning the lender technically owns the car until you pay off the debt. With a lease, you're essentially renting the vehicle for a period of two to four years.Lenders and leasing companies are generally allowed to repossess your vehicle as soon as you miss a payment, but it typically happens once you're 90 days past due on your loan—your loan or lease agreement should explain at what point you'll be in default.The lender or leasing company will then sell the vehicle at auction to try and recoup the remaining loan balance or the value of the vehicle.
Whether you have questions about financial literacy, need assistance with credit analysis, or want to discuss business formation, We’re here to help.