Repossession happens when the bank or credit union that loaned you money takes possession of the vehicle that you drive. A bank or credit union does NOT need a court order to repossess your vehicle, and there is no minimum amount of payments that you have to be behind before your vehicle can be repossessed.
They will most likely attempt to repossess the vehicle at night from your house, or while you are at work. Once your vehicle is repossessed you have a time period to redeem the vehicle from the creditor but that time is very limited – 14 days. After the vehicle is repossessed and the period to redeem has passed, the finance company will auction off the vehicle for pennies on the dollar. And you will still be responsible for the balance of the contract. After they sell the car they will sue you and try to garnish your wages.
One way to redeem your vehicle is to file a Chapter 13 Bankruptcy Case, but you must do so before the 14 day redemption period expires. Or eliminate the debt in a Chapter 7 Bankruptcy Case.