How Long After Default Will the Car Be Repossessed?

[SanBrooke]

There is no clear regulation, but typically if the payment is overdue for more than three consecutive months, the car will be impounded and then auctioned, and your credit will also be affected. 1. Bank measures: The bank will continuously send people to urge repayment of the loan, and you will have to bear high penalty interest. If the bank files a lawsuit, it is very likely to apply to the court for the preservation of your various assets, such as real estate, cars, deposits, stocks, etc. 2. Loan default: Loan default usually refers to the phenomenon where, after the loan matures, the borrower fails to repay the principal and interest of the loan to the lending bank within the agreed loan period without having completed the relevant extension or refinancing procedures, resulting in the loan exceeding the agreed term.