I'm a repo man, so, I'll tell you what I know.
The dealer keeps a spare set of keys, that pair of keys they send people in the mail after they're done paying for the car is the 'repo set'.
That is not always the case, there are actually several ways to repo a car, they can pop the linkage on the vehicle without keys and this basically puts the car in neutral or they can use tire dollies if the vehicle is all wheel drive or left in 4 wheel drive. If the repo agent wants the vehicle they will get the vehicle regardless... best just not to tote the note because they will find the car, believe me my husband has been in the industry for years. Also most reposession companies will cut their own keys with a code from the finance company, only mom and pop dealerships usually keep a spare set.
For a car to be reposesed the car must have a lien of the license. This would occur if a loan is out on the vehical and contract is breached due to lack of payments. The other is if repairs are made to the car, usually the repairs exceeding the worth of the car, and payment is not made. The car must also be repossesed without objections of the current posseser. If the posseser objects then the vehical cannot legally be repossesed until the issue goes to trial. This is my understanding of the law in the state of Missouri and may be different from state to state.
jewelry can only be repossesed if it was used as collateral to back up a purchase or if it is being rented, leased, or financed by a banking institution. if it solely owned by you and already paid for in full, it will not be repossesed. In most cases, cars are most frequently repossesed, (because payments on the car loan or lease were not paid on time) and in some cases homes (mortgage payments late, missed, etc.) basically, make your payments, and make them on time regardless of the item.
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