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Repossession

If you need to repossess a vehicle what do you have to give the repossession agent?

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2015-07-15 19:14:50
2015-07-15 19:14:50

Copy of the loan showing the truck as collateral, statement from you saying the loan is in DEFAULT, Debtors info,ect. Varies a little by state. Call one and ask. YOU might want a copy of their REPO INSURANCE in case they mess up.

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The car is secured by the repossession agent, taken to a storage lot, and transported to an auction where it will be sold. Sometimes, in such cases, the party that give the location of the vehicle is paid a small finders fee.

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Under California law, a creditor can repossess the vehicle if it is in default without notice, even if the car payment is one day late. However, if there is a co-borrower on the loan, the creditor is required to give notice before repossession.

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In a repossession order, a lender can repossess one's home if the court approves and grants permission. The judge could either set the case aside or give a repossession order.

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They should offer you a chance to get your belongings out of the car when they come to repossess it. Their repossession order covers the vehicle they're repossessing - it does not give them entitlement to your personal belongings.

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Not typically, in fact in several years experience in the industry, I have never heard of such a practice. Repossession, beyond being a waiting game, is a game of opportunity. When the repossession agent finds it, he will take it. The last thing any of them want to do is give you prior warning that they are on your trail, and to give you the opportunity to hide it and make their job more difficult.


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