This page will provide an overview of Maryland's Repossession Laws and what you should know if you've fallen behind on car payments. Notice Generally Isn't Required Before Repossession.Before you sign any paper involved in a new car purchase, take your time, read every line, and ask questions about anything that is not clear. Find the information you need with Tower Federal Credit Union's disclosures page. View our terms and conditions for MD, DC and VA members online now. Credit Unions usually repo vehicles unless a reaffirmation agreement is signed and that they cannot repo until the automatic stay is lifted. Repo's Allowed: If repossession discussed with debtor the secured party must give a ten-day notice otherwise peaceful repossession allowed. Vehicle to be held as collateral. Year. Even in a global pandemic, many credit unions have seen a decrease in repossessions and foreclosures this past year. Having bad credit will make it more difficult to buy a house or take out future loans.
