Car Repossession Timeline and Surrendering Timeline

Vehicle repossession varies widely depending upon the lender doing the repossession. Some lenders choose to repossess almost immediately while others show great leniency when working with clients providing them weeks, perhaps even months, before the vehicle is repossessed. Once a bankruptcy has been filed, there is a minimum period required by 202 noticing which amounts to approximately 1 month.

Once the lender has complied with the notice of a 202 notice, usually attached to a Motion for Relief from Stay, this essentially grants the lender permission from the court to take back the property. The lender proceeds to take back the property pursuant to their own policies and procedures. Policies and procedures amongst lenders regarding vehicles vary widely. In some instances they can be almost immediate repossessions and yet in other instances it can take weeks, or perhaps months, before the vehicle is repossessed.

In almost every instance, the lender would prefer a voluntary repossession. Many debtors also prefer a voluntary repossession as they know exactly what day and time their vehicle will no longer be in their service. Voluntary repossession further serves to prevent any unnecessary embarrassment on the part of debtors when their vehicle is towed or otherwise repossessed from their neighborhood and/or place of work.