Vehicle repossession is the best known assignment for repo men and other types of property reclaiming professionals. Repossession is a last straw tactic that is used by banks and loan companies once a person has completely defaulted on a credit agreement for a car purchase or lease arrangement. Once the loan is in default, a repossession specialist will be sent out to locate and retrieve the vehicle for the rightful owner: the bank.
This article details the fascinating niche sector of investigation called property repossession.
Automobile Repossession Details
Banks and credit companies do not want to repossess vehicles. This is a costly process and can often damage the vehicle in some instances. Banks would rather work out an arrangement with the borrower to give them time and incentive to pay their debt. However, many borrowers are reluctant to cooperate with the lender and leave the bank no choice but to seize the vehicle, by force if necessary.
While repossession agents are limited in how they can take a vehicle, they still generally have the letter of the law on their side. Resisting repossession or assaulting a repo specialist is sure to get you in substantial trouble with the law and may even result in an additional civil investigation and subsequent litigation. Never try to keep possession of a vehicle by force, as this will only land you in jail or worse.
Vehicle Repossession Alternatives
If you are having trouble making payments on time, or at all, you must contact your lender immediately. Being proactive reassures the bank and lets them know that you are not planning on running away with their property. Most credit institutions will have amnesty programs for people who are financially strapped, as long as there is realistic hope to catch up with financial obligations in the near future.
If no hope exists, you can always surrender the car voluntarily to the bank. While this will still result in a lawsuit against you and a subsequent judgment, the cost will still be lower than if the vehicle is repossessed by force, which will also be billed to you in the long run.
Vehicle Repossession Services
Professional repo agents must have excellent skills including locating debtors and vehicles using address searches, DMV searches and other methods of finding people. Once the borrower is found, surveillance will be performed to ensure that the vehicle is accessible and able to be seized. Once the target vehicle is in the clear, repo men will swarm in to take the car in a moment’s notice, typically without the owner even knowing that it is gone.
For more information about hiring a repo agent, or becoming a repossession specialist yourself, contact a local private investigation association.