How Repossession Works
Repossession occurs when you default on an auto loan. Lenders can repossess without notice in most states.
Your Rights
Know your state's redemption rights, deficiency rules, and notice requirements. Some states provide protection options.
Preventing Repossession
Contact your lender if you're struggling with payments. Many offer loan modifications or deferment options.
After Repossession
A repossession remains on your report for 7 years but impact decreases over time. Work on rebuilding credit and saving for your next vehicle.