How long does it take for a car to be repossessed due to overdue car loan?

[McEmiliano]

Car loans will be repossessed after three months of overdue. Different banks or lending institutions may have varying regulations, but basically, the loan contract will stipulate that if the repayment is overdue for more than three consecutive months and the nature of the delinquency is severe, the court will enforce the auction of the vehicle. Additionally, other assets under the borrower's name may also be frozen and disposed of. A car loan refers to the loan issued by the lender to the borrower applying to purchase a car. Auto consumer loans are a new type of loan where banks provide RMB guaranteed loans to car buyers purchasing vehicles from their authorized dealers. The interest rate on auto consumer loans refers to the ratio of the loan amount issued by the bank to the consumer (i.e., the borrower) for purchasing a personal-use car (non-commercial family cars or 7-seater (inclusive) and below business vehicles) to the principal. The higher the interest rate, the greater the repayment amount for the consumer.