12/10/2023 0 Comments Exeter finance repo policy![]() ![]() They tend to base their search on your known residence and place of employment. Recovery company sent out – The recovery company typically spends around 30 days looking for your vehicle.The contract is broken – If you miss a payment or your insurance coverage lapses, the lender can begin the repossession process.Two of the most common reasons for a repo are failure to pay and lapse in auto insurance coverage. Your lender is the lienholder and has a lien on the vehicle that stays in effect until the loan is paid in full. ![]() If you break the auto loan contract, your lender has the right to repossess the car. And, if the lender takes you to court, expect more fees associated with the court hearings. ![]() The longer the lender has to pay to keep the repo company searching, the more you may owe. Trying to hide your vehicle from the repossession company isn’t recommended. If you refuse to hand over the vehicle, you may be charged with theft – which is a whole other can of worms. Your auto lender can take you to court and get an order that forces you to return the car. Next, your lender is likely to take legal action. If the recovery company can’t find your car, they contact the lender and let them know they are unsuccessful. If you do manage to keep your car hidden from the repo company, the lender isn’t going to give up. Unfortunately, repo companies are familiar with these avoidance tactics. Other tactics may include taking off the license plate, parking down the road, and leaving your car at a friend’s house – the list goes on. Some borrowers attempt to keep their car in a locked garage during the search, which is one of the only places where a recovery company can’t take your vehicle from. Typically, recovery companies attempt to find your car for up to 30 days. Once the repo process has begun, the repo man can take your vehicle from your driveway, your workplace parking lot, or even while you’re out shopping. Here’s what happens if the repo company can’t recover your car. If you do manage to successfully hide your vehicle from the repo man, that doesn’t mean you’ve beaten the lender and that’s the end of it. Recovery companies are pretty skilled at their craft of locating and towing vehicles away, and they’re used to overcoming the lengths that people take to avoid them. ![]()
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