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Before you default on your loan and they put your vehicle up for repossession? It only takes one. Once you have passed the grace period, if you have not contacted your lender, you have defaulted on your loan contract. Regardless of whether or not you become current on your outstanding balance or not, you have defaulted on your contract.

The contract is critical. The lender does not want your car. They sold it to you. They want you to have it and to continue paying on it. It is entirely possible, despite what you might hear from others, that your vehicle can be put up for repossession the day after the grace period of your payment schedule.

If you are behind, call them and make other arrangements. They are likely to work with you, especially if you have a good record to this point.

Because, and this is critical, if you fail to honor your contract or do not make a good faith effort to remain in contact with your lender, when you least expect it, when it is likely to be the most inconvenient time, a repossession agent will find your vehicle, pull it onto the the back of his truck or hook it up, and he will drag it away. You might realize what has happened when you walk out to your drive at zero dark thirty in the morning to go to work and find an oil spot where you left your car, or you may be left standing in the parking lot of the Piggly Wiggly with your ice cream melting and the kids crying.

I know that may seem harsh, but repossession is an entire industry designed to do nothing but to find vehicles whose owners have not lived up to their commitment, and separating the two.

I know, because I used to find those vehicles, and no one ever got away with hiding one.

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