AnswerI have recently learned that the Department of Finance regulates collection agencies as well as finance companies. I was emphatically told that in a vehicle repossession, the towing company/repo company cannot, repeat, cannot charge a separate storage fee for your personal belongings. They belong to you. If you are told that they can charge for the goods, the goods, under the credit law means the good that can be repossessed under the loan which is the vehicle or the home, not the personal belongings. Call your local Consumer Protection agency to get help. I know this is the law in Maryland for a fact. It took me 30 days, but I am going to pick up my personal belongings tomorrow and I do not have to pay a storage fee for them. Tammy//This is true but you are not getting charged for your personal property it is for their time to remove it and give it to you. J D Recovery LLC
AE Recovery and Towing is a local repossession company in Phoenix, AZ. www.aerecoveryandtowing.com
search on "recovery agent" + OHIO" in your browser.
Look in the phone book under "collateral recovery","repossessions","towing & recovery", ect.
Maryland TITLE STATE: Yes SECURITY INTERESTS: Title held by debtor. Notice of security interest filing held by lien holder. LICENSE REGISTRATION: Maryland Motor Vehicle Administration, 6601 Ritchie Hwy. N.E., Glen Burnie, Maryland 21062. Tel:(410)768-7000. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. DOCUMENTS REQUIRED FOR PLATES: Remain with the debtor. http://www.maryland.gov/catalog/opendoc.asp?UserID=2&ID=311724
Thay can, and in many jurisdictions it is required before repossession is performed. In others it is only necessary to notify police within 24 hours of recovery.
Be hired by them as a licensed, bonded and insured recovery agency.
Neither is good. However, a repossession does less damage and is removed from your credit report within less time than a bankruptcy.
One where the repossession agency receives no fees to cover the expenses incurred in the efforts expended during the recovery process unless the unit is actually recovered. No repo, no money.
The recovery of a vehicle by a private seller rather than by a lending institution such as a bank.
Yes, they do. Within 24 to 48 hours of recovery (depending on the state) the repossession company is required to notify you that your property can be collected and must give you a phone number or other means to contact them. Most recovery agents will charge storage fee on private/personal property and will require that be paid prior to releasing the property.