{"id":14067,"date":"2024-10-15T12:12:24","date_gmt":"2024-10-15T17:12:24","guid":{"rendered":"https:\/\/slls.org\/?p=14067"},"modified":"2024-10-15T17:10:59","modified_gmt":"2024-10-15T22:10:59","slug":"used-vehicle-sales-car-repossession","status":"publish","type":"post","link":"https:\/\/slls.org\/en\/used-vehicle-sales-car-repossession\/","title":{"rendered":"Used Vehicle Sales: Car Repossession"},"content":{"rendered":"

When you finance a car purchase either new or used, you sign a contract that has rules as to what you must do while you are paying on the loan.\u00a0 As part of this agreement, you agree that if you don\u2019t make your payments the lender can take the car back. This process is known as a repossession<\/a>.\u00a0 It can be done through a court action or by \u201cself-help\u201d.<\/p>\n

What does it mean to be \u201cin default\u201d?<\/strong><\/h2>\n

You are in default if you miss paying two (2) consecutive payments by the due date.\u00a0 This information is found in your loan documents.\u00a0 If the payments are due more than once per month, a debtor will be in default after not paying for sixty (60) days.\u00a0 Failure to get car insurance or other requirements of your loan can be a default as well.<\/p>\n

What is \u201cself-help\u201d repossession in Louisiana?<\/strong><\/h2>\n

Under the law, a creditor can repossess motor vehicles and motorcycles directly without a court order but certain steps must be carefully followed.<\/p>\n