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Abandoned Repossessions Part Two

In the last issue of Repo Times we discussed ways to prevent lenders from abandoning collateral on you repossession lot. Abandoned Repossessions Part One In this issue of Repo Times we are going to discuss: How do you handle repossessed vehicles that have already been left on your repossession storage lot?

Most states have an abandoned motor vehicle process where you the repossessor can apply to your state for a title to the abandoned repossession. The process usually entails sending certified mail to both the lien holder and the owner of the vehicle. The certified mail must inform the owner and lien holder that you have applied for an abandonment title and that they need to pay you in full before a set date or they will lose their interest in the vehicle. They either pay you or the state will send you a title showing your repossession service as the vehicle owner.

Every state has a different process so it is important that you check with your state to find out exactly. The process requires you to be very exact and send specific notices to the proper parties at the specified time. You may lose lien rights to a vehicle if the process is not followed exactly. Use excellent record keeping, document every step you take and keep copies of everything.

Another option for the repossessor to take is offer the collateral back to the debtor you originally repossessed it from. If they are willing to pay your repossession service fee, let them have it back. You may have to give up a little on your usual repossession storage rate but at least you have been able to recoup most of the money owed to you.

What's your opinion?

Reader Comments:

Carl says: Is the same process used for boats? We have an abandoned boat on our lot that the lender has never picked up or paid us for the repossession almost 2 years ago. They have promised us several times that they were going to pay and pick up the repossessed boat, but they never followed through.

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