What you don’t know is that under California law, the lender can repossess your vehicle without any prior notice to you so long as you’re as little as one day late on payment. In fact, the lender can repossess a car in California whenever there’s a default in the terms of the contract.

Can a car dealership repossess a car?

A dealer can legally repossess your vehicle if you miss a payment, even by a few days. Or for a similar reason. In these situations, the dealer is usually required to give you back any money or property you gave them. The dealer cannot charge you a “restocking fee” or charge you for putting mileage on the vehicle.

What happens if they repossess my car?

If your car is repossessed, the lender will dispose of it at auction. If the car sells for less than you owe, you’re liable for the difference. If you organize a private sale, you’ll probably get a better price than you would at auction. Selling the car may be difficult, though.

When do you get your car repossessed in California?

As soon as you miss a car payment in California, the lender can arrange to have your car repossessed. The lender may also repossess the car if you breach the loan agreement in some other way, like by letting the insurance lapse.

What happens to a car after a voluntary repossession?

In a voluntary repossession, you inform your lender you can no longer make payments and intend to return the vehicle. The creditor will resell the vehicle, and you’ll receive a statement with details of the sale.

How can I get my car back from a repo?

Lenders usually outsource car repossession to professionals. Repo men (or, more properly, repossession agents) know all the ins and outs of getting cars back. If the borrower isn’t at his last known address, they’ll use “skip tracing” to find a car owner who’s in default.

Can you get a 30 day extension on a repossessed car?

And know that if you contact the lender and are granted a 30-day extension on your payment, that means 30 days from when the payment was due (which might have been two weeks ago). It’s not from the day the extension was granted. Lenders usually outsource car repossession to professionals.