If i purchase a car and cant make my first payment , and asked for a 2 week extension , can they reposess my car ?

Good afternoon Im sorry to hear that. The pratical answer will be to definetely contact your car lender and ask for the extension. However, legally speaking, under your security agreement, the general forms used by car lenders will have a provision or clause in the agreement that states that if you are even 1 day late, they have the right to repossess the car and accelerate your note (rather then the amount owed, the full amount owed on the car itself) Nonetheless, contact your lender for some time. The larger lenders usually are accomodating if you keep them up to date and as long as you get caught within the time frame that you are requesting. If you are dealing with smaller lenders or in-house finance places, they are usually harder to deal with. If your car does unfortunately get repossessed, here in Texas, you have 10 days to recover the vehicle. Usually your options are limited, but 1st option will be to call your lender and ask how much they are asking for to release the car. Keep in mind they can ask for just the amount behind + the repo cost (generally between 600 or more) or they could have accelerated the car note and may ask for the full amount owed plus the repo cost 2nd - if the amount requested is too much, you can file a Chp13 bankruptcy which at the time of filing the car lender will have to release the car back to you. They cannot charge you any fees upfront (but can include the repo cost in your bankruptcy case). At least with the chp 13 you can get your car back sooner with less cost. Hope this help! Min Gyu Kim (Peter) Attorney Phone (713) 259-3929 2100 West Loop South Houston, TX 77027 Suite 805, 8th floor