Repossession
Personal Finance
Loans
Money Management

Can a lender repossess your car if you were behind on your loan but made it current before the repo agent got to it?

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Answer

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Wiki User
01/18/2007

Yes. The terms of the loan were defined when you signed the paper. Most loans state that they can repo the vehicle if the loan is in default and they can declare the loan to be in default at any time after you have failed to meet one or more conditions of the loan. When you didn't pay on time, you were in default. Once you were in default they can repo the vehicle and sell it to dispose of the loan.