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What is the difference between repossession agencies and repossession forwarding companies?
Wiki User
∙ 10y ago
Repossession Agencies are independent and corporate tow companies who may work directly with and for Lending Institutions while the Repossession Forwarding Companies are organizations that accept repossession work on a national level and then forward that work out to these Repossession Agencies.
The benefit forwarding companies bring to financial institutions is access to a larger base of Repossession Agencies rather than dealing directly with each one across multiple jurisdictions.
Repossession Forwarding Companies traditionally have lower rates of recovery due to the economy of scale they offer. Repossession Agencies may still have a competitive advantage locally as they will be more familiar with their territories in the similar fashion a small business will usually have the "home base" advantage over larger corporations.
Wiki User
∙ 10y ago
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Can your car be repossessed for late payments?
Yes, this is the common reason for repossession. It is in fact the primary reason for the existence of repossession agencies and repossession forwarding companies. It is also the reason the vehicle was used to secure the loan in the first place.
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Usually Repossession agencies look for Repoman that have their own truck with a wheel lift and show proof of insurance. Recovery agents should obtain a Class A license.
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