1. Voluntary surrender: If the vehicle owner or borrower agrees to return the vehicle to the lender or creditor without further action, the repossession process usually stops at this point.
2. Reinstatement or Cure of Default: In some cases, the borrower or vehicle owner may reinstate the loan by paying any outstanding arrears, fees, and related costs. If the conditions are met, the lender might allow them to keep the vehicle.
3. Legal remedies: If the borrower fails to voluntarily surrender the vehicle or reach an agreement with the lender, the creditor might pursue legal remedies, such as obtaining a court order for repossession or using a licensed repossession agency.
4. Statute of limitations: Depending on the jurisdiction and specific laws, there might be a statute of limitations that applies to repossessions. This means that lenders or creditors have a certain period of time from when a borrower defaults on the loan to take action and repossess the vehicle.
In general, the duration before repossession attempts cease can vary based on the specific situation, state laws, and actions of both the lender and borrower. It is important to consult with an experienced legal professional or consumer protection agency if you are facing a vehicle repossession to fully understand your rights and options.
