How does repossession work?

Answer by  joseph510 (48)

The creditor takes back whatever your failed to make payments on. Simple.

Answer by  John (9008)

I repossession happens when a consumer defaults on a secured line of credit and the creditor seizes the security. This is commonly done with vehicles. Once the consumer falls behind, the creditor file a lawsuit, get a judgement, and then seize the vehicle. The vehicle is then sold to pay the debt.

Answer by  BlindMag (161)

Say that you once bought a heart or new corneas But somehow never managed to square away your debts? He won't bother to write or to phone you, he will just tear the still beating heart from your chest! This is how one of my favorite songs describes it!

Answer by  jackie (276)

If you fall behind on your payments for a loan, the lender has the right to collect. When you've bought something on time -- getting it now, paying for it later -- the seller is the lender. It can demand that you return the product, forfeiting everything you've paid.

Answer by  jennyv8 (133)

Your creditor mays seize your vehicle without notice as long as he does not commit a 'breach of the peace.' The creditor can then either keep your car or resell it. They may sue you for any balance owed after the sale. Likewise, you are entitled to any amount over the amount owed plus related expenses.