Some consumers believe that they be legally entitled to a "grace period" that prevents creditors from repossessing goods until the payments are a certain number of days overdue. Actually grace periods are non-compulsory business practices that have been adopted by most consumer lenders through a term in the lending contract. There is nothing legally preventing a creditor with a security interest from repossessing the goods if a payment is late - even if it is only one day overdue - unless the lender has agreed otherwise as a binding term of contract.