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Two-Thirds Exception on Repossession

If the consumer defaults on a loan/payment schedule but has paid off more than two-thirds of the total purchase price, the dealer may require permission from the court to repossess the vehicle.

Even if the dealer has a registered lien on the vehicle, court permission may be required to repossess a vehicle that has been two-thirds paid for.

For more information, read the Application of the Consumer Protection Act, 2002’s “two-thirds” rule to certain auto financing agreements.

Should you have any further questions, please contact the Registrar of Bailiffs.