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Repossession Service News You Can Use
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Departments: Advertisers Classified Ads Letters to the Editor Repo Discussion Board Repo Help Wanted Ads Repo Law Dog Subscribe for free Article Index Previous Editions: There are no previous editions, this is the first edition of Repo-Times! |
Abandoned Repossessions - Part OneWhat's a repossessor to do when a lien holder abandons the collateral on the repossessors lot? It's a growing problem for the repossession service industry, with no end in sight.The Problem: Buy here pay here car lot hires a repossessor to repossess a repossess a 1992 Ford Escort. The repossessor spends two weeks of his life and 20 gallons of gas hunting down this car on the edge of his service area. After the repossessor finds the car with two flat tires and a broken windshield the car lot refuses to pay for the repossession. The car lot won't take the repossessor's calls. The car lot ignores the situation letting their car take up valuable space in the repossessor's storage lot. The Solution: Yes, you can go through your state's abandoned vehicle process, but that takes more time and costs more money. Eventually you will get the title to the 1992 Ford Escort and you can sell it to a junk yard for one hundred dollars, if you're lucky. Fixing the Problem: The heart of the problem is that the buy here pay here car lots would rather the car rot in the repossessor's storage lot rather than in the debtor's possession. The buy here pay here car lots do not assess the value of the collateral before assigning the car for repossession as they should. Instead they always realize the second they get the invoice that the 1992 Ford Escort that they sold with 97,000 miles three years ago isn't worth anything with another 50,000 miles, two flat tires and a broken windshield. Many repossessors are fixing this problem by only accepting repossession assignments for vehicles manufactured in the last ten model years. Unless the client has been using the repossessor for a while and the client has not "stiffed" the repossessor. Other repossessors are requiring customers on old repossessions to provide credit card information so that the repossessor knows that he can bill the credit card once the repossession has been performed. Watch for Abandoned Repossessions Part two in the next issue of Repo-Times.com What's your opinion? Reader Comments: RepoRob says: We have experienced this problem with CNAC, AKA, JD Buyrider. We currently have 5 repossessed cars on our lot that they have never paid for or picked up. One car has been here almost 2 years. CNAC even sued the debtor for the loan balance plus the repossession fees which they never paid! Anthony Says: Banks always seem to pay their repossession service bills. The sub prime finance companies are notorious for refusing to pay the repossessor after they have us repossess the collateral. We have released the vehicles back to the debtors after they paid the repossession service fee. RepoRick says: I love how CNAC runs us ragged with bad leads and outdated info, then once we repossess their 1985 Ford Escort that we have over 200 miles into the repossession, they refuse to pay us. Real classy outfit |
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