Can a vehicle be repossessed just one day after the payment is due?

In: Rules of the Road

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Answer

Absolutely, and it's probably in your contract. Once the due date for payment has passed, the car belongs to the dealership.

It depends upon whether the laws of the state where the vehicle was purchased allow judicial and/or non judicial repossession of secured property.

If your contract states "no grace period" then the car is "ripe" for Repossession. In some States there is a semi-lengthy Repo process that may buy you some time but if the necessary payment is not made by Closing Time of the Dealership on said day, the car CAN be repossessed THAT night.

I base this on Georgia Law.

Y-THINK-Y

First answer by ID1159875617. Last edit by Y-THINK-Y. Contributor trust: 263 [recommend contributor]. Question popularity: 13 [recommend question]

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Can your vehicle be repossessed after missing one payment? Your car payment on your vehicle is due on the 8th of every month is there a law that states you will have a 5 day grace period?