If you miss a payment or default on your contract in any way, such as letting your insurance coverage lapse, your creditor has the right to repossess your car. The security agreement allows the seller of the car to repossess the car without going to court if you are in default.This page will provide an overview of North Carolina's Repossession Laws and what you should know if you've fallen behind on car payments. Learn your rights and options for car repossession in NC. Discover steps to protect your vehicle and financial future. Prime Insurance Company is a preferred provider of specialty liability insurance coverage for towing and repossession companies. If you don't make your car payments on time, your lender might have the right to take your car without going to court or telling you first.