Participating Ohio licensed motor vehicle dealership. 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.If you are on a weekly contract, they may try to repossess the car on day 1 of the missed payments. " Be sure to read them. In order to retrieve your impounded vehicle, you will be required to provide proof of vehicle ownership, proper identification and pay all applicable fees. Even if you successfully complete a voluntary repossession, the payments you missed on the auto loan will still appear on your credit report. If the lender doesn't forgive or write off the balance, expect dunning letters (collection letters) and phone calls, probably from a debt collection agency. Learn about the foreclosure timeline and important deadlines in Ohio. The foreclosure process can take at least six months, and can take up to two years. Contact your creditor when you realize that you will be late with a payment.
