Legal Question in Credit and Debt Law in California

Re: Reposession

Thank you for your inquiry.

The right to repossess secured property is contractual in nature, meaning that the terms of the contract you signed gives the finance company guidelines for repossession. Most finance companies give themselves the absolute right to repossess after the first payment is missed, so 30 days would certainly be within the typical contractual right to repossess.

No notice needs to be given by law, but the account has to be in "default" under the terms of the agreement to have the right to repossess. If your payments are on time, the creditor never has the right to repossess, and has to live up to their end of the bargain.

I hope that this information helps, but if you have other questions, need more information, or feel that you need legal representation, please feel free to email me directly anytime at [email protected]. I�m happy to help in any way that I can.