{"id":1418,"date":"2019-11-07T09:22:11","date_gmt":"2019-11-07T09:22:11","guid":{"rendered":"https:\/\/www.consumerslaw.com\/blog\/?p=1418"},"modified":"2020-06-02T16:57:51","modified_gmt":"2020-06-02T16:57:51","slug":"will-my-car-be-repossessed-if-i-miss-one-payment","status":"publish","type":"post","link":"https:\/\/www.consumerslaw.com\/blog\/will-my-car-be-repossessed-if-i-miss-one-payment\/","title":{"rendered":"Will My Car Be Repossessed If I Miss One Payment?"},"content":{"rendered":"

\"Woman<\/p>\n

It\u2019s a frightening thought: Money has gotten so tight that you weren\u2019t able to make this month\u2019s payment on your car loan.<\/p>\n

Now, you\u2019re worried about car repossession<\/a>, and imagining the day when a tow truck comes to your house and hauls away your only source of transportation.<\/p>\n

But can the lender repossess your car after a single missed payment?<\/p>\n

According to the Federal Trade Commission, many states allow creditors to seize \"\"<\/a>a vehicle as soon as a borrower defaults on their auto loan.<\/p>\n

The loan agreement should define what counts as a default. The most common example of default is failure to make a payment. Once in default, most states allow the lender to repossess your car without notice.<\/p>\n

And while that means a lender can technically repossess the car after a single missed payment, it\u2019s more probable that the repossession will happen after you\u2019ve missed multiple payments. Most likely, your lender will contact you first to see if you can bring your account up to date. But if the lender decides to repossess your vehicle, they are not required to inform in advance.<\/p>\n

What will happen during repossession?<\/h2>\n

\"TowAs we\u2019ve written before, lenders and repo agents are not allowed to use physical force or threaten you with force, take physical property from inside the car or remove your car from a closed garage without your consent.<\/p>\n

If a repossession becomes volatile, the police may be called to the scene to diffuse the confrontation and keep the peace.\u00a0 However, the police are not to assist with the repossession.\u00a0 They are not to threaten arrest or command the keys be turned over to the repo man.\u00a0 If the police become involved in the repossession, they may have crossed the line from keeping the peace to breaching the peace \u2013 a potential violation of the borrower\u2019s constitutional rights.<\/p>\n

After the repossession, the lender is required to provide the borrower with certain notices. These include:<\/strong><\/p>\n