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Repossession Guidelines: Georgia Code 44-12-131 (3) states that "unless otherwise agreed, a pawnbroker has upon default the to take possession of the car or truck.without judicial process." This law basically states that if the loan is not paid, financial institution can repossess the car or suv. There is no reference to a grace period, or a required number of days the money must be delinquent. This vaguely written law afford them the ability for lenders to repossess the vehicle whenever they think the loan is in default. This could vary by mortgage. Some lenders could your loan in arrears the first time a payment is late, missed, or even otherwise paid entirely. So review your contract documents with them . anything, copy wizard review and sure it specifies once the loan is in default.
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