Your lender may not choose to repossess your asset the first time you default on your loan, however, they have the right to. They may let you know beforehand that they will be repossessing your asset, or they may give you a period of time to make up your repayments before they do so.
If your lender decides to repossess your asset, they must send you a written notice within 14 days informing you of a few things:
The estimated value of your asset
The cost to repossess it
Any other costs
Your rights and obligations under the National Consumer Credit Code
Your lender can’t sell your asset within 21 days of issuing this written notice. So, if you are able to repay your outstanding balance within this time, you may be able to get your asset back. If you can’t do so within the 21 day period, they may sell your asset to recover their losses.