Select the applicable "Method of Repossession" and attach any required documentation, if applicable. This completed form must be submitted to a county tax.Learn more about Texas' repossession laws, what Texas repo agents can and cannot do, and what happens after the car is taken away. This article explains when and why your vehicle or property can be repossessed, your rights, and how you might get the property back. 1. In the sample letter, fill in your personal information. In most cases, your vehicle can legally be repossessed the day after you miss a payment. Legally speaking, the hard part is the law does not require they give you a notice before they repossess. According to Texas Finance Code § 348.407, the creditor has 15 days after the repossession to inform you about any personal property they found in the vehicle. What Is an Example of a Deficiency Balance? Even if you successfully complete a voluntary repossession, the payments you missed on the auto loan will still appear on your credit report.
