Understand the terms of your loan agreement, including payment obligations, default conditions, and the lender's rights regarding repossession. This page will provide an overview of Illinois' Repossession Laws and what you should know if you've fallen behind on car payments.When repossessing a vehicle, you must follow a legal process that gives the debtor notice and a chance to repay you. What Allows Repossession. You must notify us at least thirty (30) days. Illinois law does not require that they provide notice before they repossess a vehicle. Understanding Illinois car repossession laws a comprehensive guide to your rights and available options. Voluntary repossession could be a way of dealing with financial distress. Read our article to learn what the pros and cons are. When the agreedupon time arrives, you then give the collateral to the creditor or the repossession company.