This fact sheet talks about repossessions, what can be taken, and what to do if your property is being repossessed. This page will provide an overview of Minnesota's Repossession Laws and what you should know if you've fallen behind on car payments.To request the sale of the repossessed vehicle or debt forgiveness, send a formal demand letter referencing your loan agreement, state laws, and CFPB resources. Your car can be repossessed when you're just one day late in making a payment. If a creditor threatens repossession, try to negotiate with the creditor. When can a creditor repossess? Under Minnesota law, it may be a crime to refuse to disclose the location of, or otherwise conceal, a vehicle that your lender is legally entitled to repossess. In Minnesota, it is legal for a creditor to repossess a car if payments are consistently late or not being made at all. The debt buyer must be able to provide a complete and detailed chain of title of ownership of your account. For example, they can't keep your TV just because it was in the trunk of the car they repossessed.
