A vehicle belongs to the finance company until the final repayment is made. The loan is secured on the car so failing to comply with the T&C's is likely to result in automobile repossession. The Federal Trade Commission (FTC) stated that: "If you don't make timely payments on the vehicle, your creditor may have the right to “repossess” — ­or take back your car without going to court or warning you in advance." Although the rules on auto repossession are vague, failing to keep-up with the repayments will cost someone their car.

Car Repossession Laws: Company Policy vs State Law

The laws on auto repossession vary considerably between states, but the one constant is that auto loan default coupled with a failure to clear any outstanding arrears will lead to vehicle repo. Make payment a few days late and the majority of lenders are likely to exercise discretion, especially if they are notified in advance. That said, there is no substitute for checking the small print of the agreement to determine the lender's policy in relation to non-payment. Remember that state law always supersedes company policy. The problem is that not all states have hard-and-fast car repossession laws.

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