Car repossession is a particular subsector of the property repossession industry. Repo men are the investigative experts who are responsible for having to take back untold thousands of cars each year, when the buyer or lessee defaults on their purchase or lease agreement. Vehicle repossession is a specialized form of private investigation and repo agents are highly trained and uniquely qualified to perform this valuable and necessary service for their corporate clients.
This article specifically details automobile repossession and how it can return titled vehicles to the lien holder after loan agreement default.
Car Repossession Explained
Repossessing a car is performed when a person defaults on their payment agreement with a bank, vehicle dealer or other lien holder. The owner of the vehicle will typically give the borrower many chances to make good on their agreement and will work to prevent repossession from occurring. However, sometimes the inevitable is unavoidable, especially for people who simply refuse to pay and will not voluntarily return the car.
Once repossession has been ordered, a repo agent will be sent to locate the car using skip tracing and surveillance skills. When the car is found, the agent will take possession of the vehicle using any number of means, including driving it away or towing it away.
Automobile Repossession Facts
If your car is in the process of being confiscated, you should do everything to avoid the final act of repossession, which is extremely detrimental to your credit. Try to work with the vehicle lien holder to come to some sort of arrangement or at least volunteer to give the car back. If they have to come to take it, there is a good chance your credit score will be further reduced and you may be liable for additional costs to cover the repossession charges.
Most of all, you must never prevent a repo man from taking your car, as the law is on their side and you may wind up in jail for any number of charges. Besides, most of these professionals can defend themselves well, so you may just wind up getting very injured in the process, as well.
Car Repossession Process
Having a vehicle repossessed is embarrassing and also a real problem for people who need their cars. However, you must understand that you did not fulfill your legal financial obligations and the vehicle does not belong to you. It is only right to return it to the rightful owner undamaged and as quickly as possible, to prevent forcible confiscation.
If you are a bank or leasing company and are experiencing problems with defaulted credit agreements, contact a local repossession agency for help. Just be sure to choose a reputable, insured and trusted agency to handle your repo needs.