Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Hi - my name is ***** ***** I'll be glad to assist.
Technically, if you miss one payment, the lender has the right to repossess the vehicle. However, most lenders will wait until a loan is 120 days late or more before beginning repossession procedures.
If you refinanced the entire debt, then the creditor can seek the entire loan balance from the sale of the car. If the proceeds from the sale aren't enough, the lender can sue for a deficiency judgment.