What Are Creditors Repossession Rights?

When you buy a car, truck, or other vehicle on credit, your creditor retains important rights in the vehicle until you have made your last payment. These rights are established by the contract you signed and by state law. The failure to make timely payments carries serious consequences. Your creditor then has the right to “repossess” ­ take back ­ your car without going to court, or without warning you in advance. However, state law does place limits on how the creditor may repossess the vehicle and resell it to reduce or eliminate your debt.

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