In Virginia, the law states a lender must submit notice in writing at least 10 days before a car is to be repossessed. Therefore, car payments that are late can be subject to repossession at anytime, provided notice has been given.
If you have no lien on your vehicle then no one has a legal right to repossess it. If you're not behind on the payments there would be no reason for the lender to reprocess the car in the first place. It is hard to believe you have a loan on a car without a lien. The car stands behind the loan. If there's no lien on the vehicle then the car is not involved in the loan and cannot be repossessed.
Your car can be repossessed if you miss one payment. Not likely they would do that but it is possible.
The best way is not to fall behind with your payments.
Yes, your car can be repossessed by a company if you are behind on payments. However, it has to be a licensed repossess to be able to do this.
If you do not want your car repossessed, then you need to keep up with the payments on your car. If you are behind on payments, then your car could be taken away from you legally.
Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
READ your CONTRACT. Its that simple. If you are in DEFAULT of the contract, they can repo the collateral.
Depending on how many payments your behind. If you are behind a great margin I think they would to try to make back the money lost but if you're one or two payments behind they will give you a chance to catch up and if you fail to make any payments after they contact you they will sell.
If they are accepting your payments, they probably won't take your car.
Make a deak with your finance co to pay off the payments you are behind. Caution...Don't refinance for lower payments or they will stick you for high interest added. Negotiate with the lender.