Legal Question in Credit and Debt Law in Virginia

Re: Car Repossession

Technically, once you as borrower fail to remit

payment on the day on which it's due, you're in default on the loan by the very next day, and unless there's a grace period spelled out in the note, your vehicle is subject to immediate repossession by the lender.

However, as a practical matter, it usually takes the lender around three months or so to engage the services of a repo man to dispossess you of your pride and joy.