Your creditor is not required to give you any advance notice before repossessing your car: The creditor or its repossession agent is allowed on your property to seize the vehicle as long as there is not a “breach of the peace.”

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If you miss a payment or default on your contract in any way: Such as letting your insurance coverage lapse, your creditor has the right to repossess your car.

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If you think your car is in danger of being repossessed: It is a good idea to remove all of your personal items from it as soon as possible. After the vehicle has been repossessed, it can be difficult to get back your things even though the creditor has no legal right to keep them.

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A voluntary repossession is essentially the same thing as an involuntary one: A defaulted loan. Either one will impact and lower your credit scores.

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Once your car has been repossessed: Your creditor has the right to ask you to pay the late payments plus the cost of repossession. The creditor may also demand that you pay off the deficiency balance of the loan in full.  This may result in legal action against you. If this accrues consult with an attorney for advice on your legal rights.

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Make the decision that's right for your equine situation: Everybody's circumstances are different and should be taken under consideration. Never let a lender or repossession company influence you by being condescending or rude. 

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Fair Debt Collection Practices Act: Know your rights if you're a victim of Harassment or abuse, False or misleading representations or Unfair practices contact the Federal Trade Commission (202) 326-3300