It depends. You really need to look at federal law, state law and your lender agreement. It sounds like you are referencing the Federal Bankruptcy Laws. Under the Bankruptcy Reform Act provisions that became effective on October 17, 2005, dealers have 30 days to perfect a security interest that will be protected from a preferential transfer claim if the debtor files for bankruptcy within 90 days of the transaction date. Your state law may also impact the time frame you have to perfect a security interest. Generally speaking, State laws typically give dealers 30 days to do so, but don’t assume that is the case. Finally, don’t forget to review your lender agreement. Notwithstanding federal and state laws, lenders can set forth their own timing requirements in the dealer agreement. The lender may be claiming that you breached your contractual obligations, which may trigger repurchase obligations under the agreement. You may want to start by requesting that the lender specify in writing why it believes you have to buy it back and go from there.