If only one month passed with no payment can you the co-signer have the car repossessed to avoid credit problems in the future?

When we cosigned a loan for our daughter we wrote up a separate contract which she signed. In the contract it stated that if she was one month late we had the right to reposess and she would also be responsible for all interest charges incurred for the life of the loan. We had insurance stipulaions as well. She signed the agreement and it is useable in court.