An automobile repossession occurs when the concerned automobile your account is repeatedly late for a long period of time. Usually the automobile loan lender tries to get the consumer to make the payment but if everything else fails the automobile is repossessed as a means to recover the money lent. Just like any other account that is reported as delinquent and automobile loan account also stays on the credit report for a period of seven years from the date that the late account was first reported and was never again current. The loan account will also have a status to reflect that the non-payment led to the repossession of the vehicle.
If possible you must try and negotiate with the lender and make payment towards the debt before the repossession occurs.