Your lender or their repossession agent can’t repossess your car from private residential property without your written consent or a court order. You can refuse to sign the consent form and seek legal advice.
However, they can repossess your car without consent if it’s parked outside your property or at your place of work.
Your lender cannot repossess your car without a court order if the amount owing is less than 25% of the amount originally borrowed or $10,000, whichever is the lesser amount. For example, if you originally borrowed $25,000 and you currently owe $6000 this would be less than 25% of the amount of your original loan so your car (which is security for the loan) could not be repossessed without a court order.
If you are being threatened with having your car repossessed, contact us on 1800 007 007 and speak with one of our financial counsellors immediately.