Legal Question in Consumer Law in California

The finance company can repossess the car if you are beynod the grace period. They must allow you 1 time to re-instate the contract within a 12 month time frame, subject to certain requirements. To re-instate you would have to pay all past due payments, any payment due within 15 days, and repossession charges.

If you do not re-instate the contract then the car would be sold at auction most likely. The sale price would be applied to your outstanding loan balance. If there is any amount still owed on the contract after applying the sale price of the car the finance company could sue you for that amount.