1. The lender sends you a notice of default. This notice will inform you that you are behind on your payments and that the lender may repossess your vehicle if you do not bring your account current.
2. If you do not bring your account current, the lender may file a lawsuit for repossession. The lender must win this lawsuit in order to obtain a judgment that allows them to repossess your vehicle.
3. Once the lender has obtained a judgment, they may contact a repossession company to seize your vehicle. The repossession company must follow certain procedures when repossessing your vehicle, such as giving you notice of the time and place of the repossession and providing you with a written inventory of your belongings.
4. The lender may then sell your vehicle at auction to satisfy the debt you owe them. You may be entitled to any proceeds from the sale of your vehicle after the lender's debt has been satisfied.
It is important to note that the specific steps involved in repossessing a vehicle may vary from state to state. If you are concerned about the possibility of your vehicle being repossessed, you should speak to an attorney in your state.
In general, a car dealership is not directly involved in the repossession process. However, they may work with a lender to facilitate the repossession of a vehicle if the borrower defaults on their loan.
