Auto repossession occurs when a lender seizes a vehicle because the borrower has failed to make payments on their loan. To avoid this, it is important to understand the process and take steps to protect yourself.
There are several reasons why a lender may repossess a vehicle. The most common reason is that the borrower has missed payments. However, a lender may also repossess a vehicle if the borrower has violated other terms of the loan agreement, such as failing to maintain insurance or allowing the vehicle to be damaged.