Vehicle Repossession
by: Developed from materials provided by The Federal Trade Commission
The Basics
When you take out a loan to pay for a car your lender has rights to your car until your last payment is made.
This is also true if you lease a car.
Your Contract and State Law
Your rights and your lender's or lessor's rights are created by your signed contract and state law.
Depending on your contract and where you live, your lender or lessor may be able to do the following:
Repossess (take back) your car if your payments are late or if you default (fail to follow) the contract in any way;
Take back your car without going to court or warning you in advance so long as they do not breach the peace;
Sell your contract to someone else who can then take your car.
Can my lender or lessor do whatever they want?
Some state laws limit what lenders or lessors can do.
If they break the law, they may have to pay you damages.
When can they take my car?
In most states, your lender or lessor can take your car if you don't pay them.
When you do this it is called "defaulting on your loan."
Not all lenders define "default" the same way.
One lender or lessor may say that you default if you are late with one payment.
Another may say that you default if you don't follow other contract terms.
Sometimes default can occur if your payment is late or if you don't follow other contract terms.
Be sure to read your contract so you know the rules that apply to you.
Lenders must be peaceful
Most states do not let lenders breach the peace when taking your car.
In some states a breach of the peace happens if your car is removed from a closed garage. (The peace can also be breach if your lender makes a disturbance).
Lenders or lessors who breach the peace may have to pay you if they harm you or your property.
What if my lender let's me pay on a later date?
You lender or lessor can agree to a new payment date or other contract change, the terms of your first contract may not apply.
Changes can be oral or in writing.
It is best to get any contract changes in writing, because oral changes are hard to prove.
If you and your lender or lessor make changes and you follow the changes but the other guy does not, you may have a hard time proving you are right if the changes are not in writing.
Last Reviewed On: 08/17/04
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