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. Car Repossession information from the NC Department of Justice.Helpful suggestions for those behind on car payments or facing automobile repossession. This guide offers practical steps and legal insights to help you recover your vehicle and regain control of your financial situation. 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. For Repossession related issues fill out the Repossession Contact Form. The documentation and forms required for titling a vehicle are based on the situation involving the vehicle, as described in the table below. Repossession is when a lender takes back property that was used as collateral for a loan. Credit Card Purchases Can't Be Repossessed. Credit card debt is unsecured, which means the credit agreement doesn't name anything as collateral for the loan.