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Cancelling A Repossession

What is the proper way to cancel a repossession assignment once it has been faxed to a repossession service? Can you cancel a repossession assignment by leaving a voice mail? Wrong answers can cost your repossession service big money. Get the right answers here.

Repossession Service News - Repossession CancellationsWhen you officially cancel a repossession assignment most repossession companies will provide you with a "Cancel Number" this is your receipt to prove that you did in fact cancel the repossession assignment. Some repossession services will require you to send a fax and indicate that you would like the repossession assignment cancelled. Other repossession services will cancel the repossession assignment based on your phone call.

Your repossession assignment is not officially cancelled until you have received a cancel number from the repossession service. You should make note of your cancel number on the original repossession order along with the date, time, and name of the person at the repossession service who provided you the cancel number.

Repossession News - Repossession CancellationsMany lenders, in an attempt to avoid a closeout bill, will ask you to put a repossession assignment "On Hold" rather than actually cancelling the repossession assignment. Most repossessor's advise their clients that they do not have the ability to put a repossession assignment on hold. The repossession assignment is either open and able to be repossessed, or the repossession assignment is canceled and they will receive a closeout bill.

Calling a repossession service and leaving a cancel notice on their voice mail is not going to cancel your repossession assignment. Similarly, blindly sending a fax to a repossession service is not going to get your repossession assignment officially cancelled.

Repossession Services will have some security built into their repossession cancelation system to prevent the debtor from calling the repossessor and attempting to cancel the repossession assignment on their vehicle. Be aware of this as you attempt to cancel a repossession assignment. The repossession service is not trying to give you a hard time in cancelling your repossession assignment. The repossession service is simply attempting to verify that their client is in fact ordering the repossession assignment cancelled.

Communication is the key to properly canceling a repossession assignment. You must speak with the repossession service you hired and ask them what their procedure is for cancelling a repossession assignment you had assigned to them.

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