What are the basic repossession rules?

Answer by  Dean (4035)

The contract details when the item (vehicle, appliance, furniture) can be repossesed. This could be after one missed payment, six missed payments, or even misuse of the item. The creditor must file for repossession in order to take the item. The creditor doesn't have to notify the debtor.

Answer by  patti (29325)

The sale contract states reasons for repossession, like non-payment (as detailed). No notice is required before the vehicle is taken. The individual cannot physical threaten or harm you, or enter your home or property.