Most individuals do not buy their vehicles outright. Those who rely on car loans must always be aware that the creditor has the ownership rights to that specific vehicle until the debt is repaid. All individual who sign loan documents when purchasing a new vehicle are responsible for; on-time payments, obtaining the proper insurance, and vehicle registration. When one or more of these stipulations are not met, the creditor can repossess the vehicle.

Each state has their own repossession laws set in place. In the state of Florida, a creditor can repossess a vehicle as soon as the loan goes into default. The loan contract that was signed will lay out the constraints of “default.” Typically default occurs once there is a missed or late payment on the loan. Creditors may also modify their default constraints if contacted by the debtor prior to the loan going into default.

The state of Florida allows a creditor to repossess a vehicle as soon as a default occurs. The creditor is not obligated to give the debtor notice in regards to vehicle seizure. A creditor and their staff are even allowed to enter the debtors property lines to seize a vehicle. Under Florida State Law, creditors are not allowed to use force, breaking and entering, or threats to seize a vehicle.

Once a vehicle repossession has taken place, it is incredibly difficult to dispute. A creditor may decide to keep the vehicle until payments are made, or they may decide to sell the vehicle. Regardless of what avenue a creditor chooses to take, they are obligated by law, to tell the debtor of their plans. When personal items are left inside the vehicle, the creditor may not sell them along with the vehicle. These possessions will go back to the debtor, or compensation will follow. Items for vehicle improvement such as; aftermarket stereo system and speakers, will not be returned to the debtor.