In Florida, failure to pay within 30 days allows the lender to repossess your car under a process that’s spelled out in Chapter 537.012 of Florida’s laws on title loans. Legally, Florida statutes permit lenders to repossess a car as soon as the borrower misses one payment. However, it’s important to review your auto loan contract to see what your specific lender considers default, as some may provide a grace period.
Under Florida law, before repossessing your car, the lender must give you an opportunity to surrender the vehicle at a mutually agreed-upon place and remove your belongings. If you don’t do this, lenders aren’t required to give you any further notice before the repossession. Some lenders may provide notice even though it’s not legally required.
After your car is repossessed, you have the right to redeem it by paying the principal amount due on the loan, accrued interest, and reasonable expenses incurred by the lender. You also have the right to receive any proceeds from the sale of your vehicle that exceed the amount you owed.
To prevent repossession, you can speak with your lender about renegotiating your loan terms, pay the amount owed, or consider filing for bankruptcy if you’re facing multiple financial struggles. It’s important to act quickly if you’re having trouble making payments to protect your credit and explore all available options.
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