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You could then hire a repo man who works in that town to actually take the car once it is located. Stop by the borrower’s employer or place of residence and take the car. Keep a copy of the documentation for your files. Remember you have the right to sue the defaulted borrower for all costs associated with the repossession and any profit loss from their absent payments. Once you tell the lender that you are ready to turn the car over to a repossession agent, the company will have the agent contact you. Access an online database. Repo men usually charge about $300 to take a car, and if the town is far away it would be worth the extra expense to get the vehicle back in your hands. Try to work it out if at all possible.

Copyright 2020 Leaf Group Ltd. / Leaf Group Media. Contact information for your lender often can be found on the monthly statement that is sent to you.

Repossession agents--or repo men--collect vehicles that are collateral for loans that are in default or past due.

Repossession agents--or repo men--collect vehicles that are collateral for loans that are in default or past due. Private investigators, some of which also work as repo men, usually charge a couple of hundred dollars for this kind of case. To submit your questions or ideas, or to simply learn more about It Still Works, contact us. If you do not have a copy of the key, then you will need to get a tow truck to simply tow the car away. Inform him or her that you will be taking the car back if this non-payment situation continues. Call or write a certified letter to the late borrower one last time. Fortunately, repossessing a car in most cases is easy and does not require a lot of time or expense.
Do not get into a verbal confrontation with the borrower if he or she catches you repossessing their car. Virtually all auto lender contracts have this language, but checking is an important step to avoid potential legal trouble from an upset borrower. They will be able to use their resources to skip trace the person who has the car and can probably do so more quickly and with less red tape than you can. Most repossession agents will want to match your license plate number with the number on the vehicle they are seeking to collect. Before turning your vehicle over to a repossession company, insist on documentation that shows the company has been hired by your lender to collect the vehicle.

Consider that the best time to repossess a car may be the middle of the night. If you are unable to contact your lender, look in the telephone directory to find repossession agents in your area. If a local search proves unsuccessful, often professional organizations such as the American Recovery Association have online databases that list licensed repossession companies in your area. You could then hire a repo man who works in that town to actually take the car once it is located. Be sure to remove any personal items from the vehicle before turning it over to an agent. How to Transfer the Title of a Financed ... How to Get a Lien Release for Vehicle ... Repossession Vs. That way if the borrower calls the police claiming his car was stolen, they will be informed it was repossessed and you will also have already reported that you are the lender and true owner of the vehicle. Her articles have also appeared in newspapers such as "The Philadelphia Inquirer" and "The Virginian-Pilot," as well as several online publications. Those comments can help in future negotiations with the lender or on matters related to your credit score. In small communities, the lender can often do his own repossession and not hire someone to look for the vehicle. Repossession agents often can be found under the categories of towing and recovery services, repossession agents or auto recovery.