How Does a Repossession Company Work?
Repossession Company Obtains Clients from Banks and Lenders When someone purchases a motor vehicle, recreational vehicle or other physical item, he typically goes to bank or a financial lender and borrows money to pay for the item. If the borrower fails to make the monthly payments or meet the loan requirements, he will default on the loan and run the risk of having the item repossessed. If no payments or arrangements have been made in over 3 months, the repossession company will begin the repossession process. Repo Company Locates Property and Claims Possession Once the lender has contacted a repossession company, the repo company goes to work immediately trying to collect the property. Many times the repo company will have an investigative person on staff, called a skip tracer. The skip tracer uses her investigation techniques via information from the lender, references listed on the original loan application and Internet searches and phone call inquiries. Many times, employees of th
