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As long as the contract is in DEFAULT, the collateral CAN be repossessed. One dollar or one day. Its a GAMBLE you take when you are in default.

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โˆ™ 2015-07-15 19:12:19
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What is forfeiture

Which of these is the best description of delinquency

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Q: If creditor has threatened to repossess if a certain amount is not paid and you have paid partial can the vehicle still be repossessed?
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If you have made no effort to contact any institution you owe money to and you have been missing payments several times, yes, they can repossess your car. That's why we sign contracts. I would meet with the Manager of the company and try to come to some agreement and then stick to your promise. Most companies don't want to repossess so you might get lucky. However, be warned, if the Manager gives you another chance you stick to it! Good luck Marcy


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