YES, if you are in default of the contract, the collateral can be repossessed. Read your contract again.
Yes they can re-possess at any time, terms and conditions state, the vehicle belongs to the HP company until full payment is received that you borrowed, however they must send you a NOD (notice of default) and give you 14 days in which to pay, and then a TERM ( TERMINATION OF YOUR RIGHTS) THEY CAN THEN REPOSSESS
Typically, yes. Unless you have it in writing that they will change your payment date, or accept a later payment, they can repossess your car for being only a day late on your payment. However, most companies will not repossess this early as it usually ends with them losing money. They make more money by you paying your monthly payments plus interest. In the long run, if they repossess they have to sell the car at wholesale or auction and typically the person whose car was repossessed does not pay the balance due. This whole process takes a lot of time and money. Usually your finance company will avoid repossession until it is a last resort. Buy here pay here places aren't so nice however. In the end, legally speaking, the answer is yes.
The most frequent cause of repossession is lack of payment on a note owed to a financing company or bank. The lender can repossess anytime after a payment is missed, but most won't start such proceeding until you've missed two or three payments. Always try to work with the lender before you get too far behind.
If you purchased and financed that car through the dealer, and you miss a payment ... YUP ... they can impound (repossess) the car until one brings the loan payments current. You see, when one misses a payment, the perception of the loan company is that the person no longer wants the car - or just wants something for free ... not going to happen in this day and age. The dealer, after a reasonable amount of time waiting for you to pay up, could sell the car again ... and you would then forfeit all monies you paid towards purchase. Bottom line: pay those car loans on time, every time ... if you have to go out and get a 2nd , 3rd or 4th job - do whatever it takes to keep up with the payments.
Not sure how the laws of WV differ from here in NC, but I can tell you that a mechanic can legally keep your vehicle until you pay for the repairs this is referred to as a mechanics lien. You have a certain amount of time to pay for the repairs plus storage if they choose to charge for storage. If after the time limit is up the vehicle owner still has not made the required payment the shop can legally sell the vehicle at auction to cover the amount of the repair/storage bill. Since you are in physical possession of the vehicle the shop will probably have to go through small claims proceedings in court (sue you) to recover the amount that you owe.
If you purchased the car in full with cash then there shouldn't be a lien. Look at your paperwork to make sure it says "Paid In Full" if it does the dealer has no right to repossess a paid in full vehicle. A lien is where you are making payments for a vehicle and the vehicle is being used a collateral until the vehicle is paid off.
Payments must be paid on time when they are due. One must remember that it is not "your car" until it is fully paid for. Until then the outfit that lent you the money owns the legal title to the car. You are just the registered owner, not the legal owner. The legal owner has all rights to repossess the car anytime the payment is not made on time.
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