This page will provide an overview of Virginia's Repossession Laws and what you should know if you've fallen behind on car payments. 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 having trouble making your payment, don't wait until the "repossessor" is at your door; contact your lender as soon as you can. Credit Unions usually repo vehicles unless a reaffirmation agreement is signed and that they cannot repo until the automatic stay is lifted. What rights do you have when your car is being repossessed? All agreements between the credit union and the vendor should be formalized in a written contract. Even in a global pandemic, many credit unions have seen a decrease in repossessions and foreclosures this past year. Existing UVA Community Credit Union vehicle loans are not eligible for offer. It's crucial for borrowers to be aware of security interest triggers outlined in their car loan agreements to anticipate potential repossession. Adobe Acrobat Reader is needed to view and print these items.
