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You can repossess an asset if you are holding a security interest in the asset and if the borrower has an outstanding loan and is in default.
Here are some tips to help you hire a repossession service
- Is the service insured so that it offers security to you against any damages incurred during the repossession?
- Does the service have wrongful repossession insurance and is it bonded? It will help you in case of a lawsuit?
- Does the repossession company possess a license to operate in the state in which the asset is repossessed?
- Is the company reputable and in good standing with the local rating agency or the Better Business Bureau?
- Is the cost of repossession service lesser than the asset value? If not, then it is better to write off the asset.
- Do the repossession agents have knowledge about the local law to avert any charges of trespassing or illegal repossession?
- Does the company have investigative resources to trace and retrieve the assets, in case the repossessed item is concealed?
How much does it cost to hire a Repossession Service?
The price of repossession depends on the level of difficulty and the type of asset. Low price is important, but it should not be the only criteria while considering repossession firms. Compare the prices of multiple reposession firms before you select the right vendor for your needs.
Consider the following issues while repossessing an asset
- Check the contract you have with the borrower. To avoid legal trouble, ensure it says that if the loan is not paid by the borrower, they will lose the asset.
- Write a certified letter or call the borrower stating that you will reclaim the assets if they do not pay within the specified time.
- The repossession has to be carried out without breaking the law..
- The repossession agent should be careful to ensure no harm is done during repossession or you may be liable.
- You can only repossess the asset that is collateral for the loan.
- After the asset is reclaimed, the borrower can report it as theft. Remember to inform the police immediately after the repossession is complete.
To ensure hassle free and legal repossession it is vital to hire the right professional service to carry out the task.
