Repossession Laws Vary by State
Repossession laws vary from state to state. In some states, repossession is a self-help remedy, meaning that the lender can repossess the car without going to court. In other states, the lender must first obtain a court order before repossessing the car.
Terms of Your Loan Agreement
The terms of your loan agreement may also affect whether a repo company can still take your car if you pay the amount owed before they have a chance to repossess it. Some loan agreements contain a "late fee" provision, which allows the lender to charge a fee if you make a late payment. If you pay the amount owed before the repo company arrives, but you don't pay the late fee, the lender may still be able to repossess your car.
Consult with an Attorney
If you are concerned about your car being repossessed, it is important to consult with an attorney. An attorney can help you understand the repossession laws in your state and the terms of your loan agreement.
