(1) What repossession is? Repossession is when your car or truck lender takes your car or truck because you are either: (1) Behind in your payments or (2) Have failed to keep it insured.
(2) No advance notice of repossession is required: There is often an assumption that the creditor has to tell you when it is going to take your vehicle. NOT TRUE. Unlike with judgments and foreclosures, the creditor will NOT GIVE YOU ANY ADVANCE WARNING that it is coming for your truck or car. You need to know this.