You're out of money. You paid the rent, bought food, and kept the lights on, but there's nothing left for that car payment. You missed the first one of your life.
There's a very good chance that this is enough for your creditor to take the vehicle. Be sure you know exactly what the contract stipulates, but a single missed payment may be enough.
Of course, the creditor may not want to take the car. It can be a lengthy, difficult process, and they could lose money. They'd rather you pay the loan, and they may work with you to make it happen.
If not, you should know that they can take the vehicle at any time. They'll often attempt to avoid you. For instance, the repossession team may not come to your home and knock on the front door. They may just drive up to your parking lot at work and drive off with the car.
That doesn't mean they can do anything. They're typically barred from "breaching the peace" when taking your vehicle. For instance, they usually can't threaten you or use force. They may be able to come onto your property to take it out of a driveway, but they can't break into a structure -- like your garage -- and take it from there. There are laws in place to keep things from getting out of hand.
Overall, the fact that you've run into this situation means you may be facing bankruptcy. If you want to find out more about your options, our website can answer some of your most pressing questions.