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Generally, your creditor has legal authority to seize your car as soon as you default on your loan. Once you are in default, your creditor may repossess. The law allows the lender to use self-help in repossessing your car, but the law does require that the self-help be peaceful. If you see someone from the lender. Repossession Law · Your original contract must warn you that it is unlawful to return a motor vehicle subject to a security interest upon notice of default. · You.

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How a Repossession Can Take Place · The buyer does not have to be notified before the repossession occurs; · The creditor cannot commit a crime, use abusive. These rights are established by the contract you signed and by state law. If you fail to make payments on time or default on your obligations under the contract. The law normally requires that the borrower be notified and that the repossession takes place without trespass or "breach of peace".

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The creditor has the right to sue you if you don't pay. However, if the creditor breaks the law in repossessing or selling your property, you might not have to. A court action can be good if you have a legal defense to the repossession or the loan. The problem with it is that the creditor might be able to charge you for. A financial institution can only repossess your vehicle if there is a “default” and that the financial institution has a good faith belief that the prospect of.