The creditor must meet a couple of requirements. After you are late on payment the creditor must send you a âten day notice.â This means the creditor has to tell you in writing: the amount you owe, AND. the amount of any late fees you owe, AND. that if you do not pay in ten days, your car could be repossessed. The creditor then has to wait at least ten days to see if you catch up the payments. If you catch up your payments and late fees during the ten days, then the creditor cannot repossess your car.