Legal Question in Credit and Debt Law in North Carolina

Yes.

It does not matter if you are one day late or 3 months late - the lender can repo your car. They don't have to tell you. While most lenders will call when your payment is late, they don't have to do so and can repo the car at any time.

Even worse, your car lending documents most likely provide that the bank can accelerate the debt on default (acceleration means they can demand the full amount of the debt owed, not just the amount you are behind). If this is the case, to redeem your car, therefore, you will need to pay the full amount of the loan balance and any collection costs.

Your best bet would be to either get another loan company to refi the balance remaining on the car or somehow get the cash together to redeem your car. If you don't redeem the car within 10 days, it will be sold at an auto auction.

Cars typically don't bring in anywhere near what you owe at the auction. If this is the case, then you are not only out a car, but the bank is going to come after you for a deficiency - the defciency is the amount of the car loan + plus collection and sales costs - the sale proceeds.

While deficiencies can be negotiated, you will still be in a position of paying for a car you no longer have. Best bet is to get your car back.

I don't know your circumtances, but if nothing else works and you have other debts, then you might want to file bankruptcy. In a chapter 13, you can modify your loan terms. Bankruptcy has its own consequences and this is not something I would recommend unless you have at least $10,000 in debt as it will cost on average $2000 - $2500 for a bankruptcy attorney (this includes the filing fees and other fees that you will have to pay along with attorney fees).