What to do if Your Car is Repossessed in Illinois (Client Fact Sheet) When a Repossession is Unlawful ?
What to do if Your Car is Repossessed in Illinois (Client Fact Sheet) When a Repossession is Unlawful ?
If you miss a payment on your car, then the company that loaned you the money to buy the car has the right to take the car without any warning to you. This is called "repossession."
Whether you can get your car back and how much it will cost you to get it back will depend for the most part, on how much you still owe on your car when it is repossessed.
As soon as you are late with a payment on your car, your creditor (the business that gave you the loan or credit to buy the car) has the right to get your car.
Even though people at your finance company may say that they will not take your car if you are late with a payment, they can still take your car when you miss a payment. You need to get any guarantees about repossession in writing for them to be legally binding.