For some reason the agent makes contact with the debtor in order to get the vehicle, it could have been keys, it could have been called in as a voluntary repossession as many times this happens and the debtor has second thoughts after setting the thing up. Sometimes the bank will assume it is voluntary in order to save a few bucks on the repo, banks pay about half for a voluntary than an involuntary. The agent knocked at the door at 3:45 in the morning to ask for keys and allow the debtor to get his possessions, what is wrong with these agents? I would never knock at a door at 3am. Just take the car even if you drag it out and worry about the keys another time or just have new keys made. I never understood the concept of these guys insisting on keys. Perhaps it was that non of my repossessions were even close to voluntary. [Read more…] about Florida Man Awarded Over a Quarter Million for Problematic Vehicle Repossession
CONYERS — A Conyers man unhappy with having his car repossessed decided to take matters in his own hands and attempted to unhook his car from the tow truck and try to destroy the evidence by breaking the surveillance camera system, according to the Rockdale County Sheriff’s Office.
A Rockdale County Sheriff’s Office deputy was called to a location on Country Trace around 7 p.m. on March 11 where he found a number of people yelling in the street near a tow truck and a red car in the middle of the road.
The tow truck driver told the deputy that he was there to repossess the red car and when he hooked it to the truck, the car’s owner, George Ali Robinson, ran outside and demanded to see paperwork justifying the repossession.
“(The driver) stated that he walked back to the cab of the truck to retrieve the paperwork and Mr. Robinson started to unhook the car from the truck,” Deputy Timothy Kutsch reported.
The tow truck driver told Robinson to leave the truck and car alone and that the camera in the truck recorded him tampering with the car. Robinson then reportedly went to the cab of the truck and tried to take the keys out of the ignition. The two men struggled and the victim showed the deputy red marks and bruises on his arm.
“(The driver) stated that Mr. Robinson then grabbed the camera and ripped it out of the vehicle,” the report states.
He gave the camera to another man, later identified as Cedrick Scanes, and Scanes took the camera into a nearby home.
“I asked Cedrick what did he do with the camera and he stated that he did not know,” Kutsch stated in the incident report. “I advised Cedrick that (the driver) saw him take the camera into the house and that if he knew where the camera was, he needed to return it. Cedrick stated that he did not know were the camera was. I then took Mr. Scanes into custody for taking the camera into the residence.”
Cedrick Maurice Scanes, 22, of 2635 Country Trace, was arrested and charged with theft by taking and being party to a crime.
Robinson, 45, of 2700 Cherry Blossom Circle, was charged with simple battery, criminal damage to property, obstruction of law enforcement officers and entering auto.
It was around February and ironically, we had gotten around 6 repossession orders the same day. Not that getting six orders is rare, but these were different, they were all on the east coast up the line. We began working on the orders right away. I personally was in hopes they would all be still on the East Coast. They weren’t cars, they were large boats, in fact one was a house boat, two were large sail boats and the rest were 32 foot plus go fast boats, and one lobster fishing boat.
Strange enough while we did have to skip trace these out pretty good, we really didn’t have any issues at all with any of them, they were all relatively close to the original addresses, at least in the same cities or close enough. Ironically I was in NYC that week and even more funny is the fact that I drove and my trip was just about over so stopping off at each state on the way home was perfect. My office sent me the files so I could map each one out. Keep in mind, usual protocol is to fly to the states or countries in order to handle the repo and fly out or sail out. [Read more…] about A Typical week: Repossessions down the entire East Coast
During the time of repossessions many typically happening in the middle of the night. The neighbors see a strange car snooping around the neighborhood, or even someone walking around by foot to verify a VIN on the dash. The police end up getting a call and show up. Some states such as New York, the police must be called ahead of time to let them know the repo will be in progress, if that is the case upon arrival the police will verify the tag number.
If the repossession is happening in Florida and the police come, as long as there is no issues the repo remains a civil matter and they typically stay nearby until the repo is finished. Not always, sometimes they just take off and let the repoman complete the job on his own. It is actually against the law for the police to assist the repossession agent in any way although very few people besides licensed repossession agents know this.
Many times a debtor will call the police in an effort to get them to come and stop the car from being taken. This can become successful if the debtor begins to raise a stink and says the repoman is trespassing or breaching the peace at which point the police can tell you not to take the car, but this is very rare. The police might ask to see the paperwork and if they do look at the actual repo order, they will allow the repossession to continue flowing. [Read more…] about Can Police Stop a Repossession in Progress
Out of all the repossessions I have done in the day, I would have to say for me personally the most fun has been Yachts. Everything from the search, many times in foreign countries to spotting the yacht, to the actual repossession and later liquidating the yacht for the bank or lender. The thing is for me, I started my journey with what I and probably most would consider the best yacht repo company in the world at the time. Since then it has been sold and is currently on the Discovery TV show but with what seems as a much different management from when I was there for several years prior to the switch. The management that I trained with was extremely strict and professional with every little thing. They had done over a hundred million in repossessions per year and had some of the largest bank contacting us daily. There were write ups in several magazines and the management knew every little thing about any motor yacht out and aircraft out there. If you wanted to learn about yacht repossessions, there was no other place in the USA to do it. [Read more…] about Hiding a Yacht from the Repoman
As a repoman you have two choices, either you get locksmith training or you use one of the locksmiths in the area that you can count on to come to your location on call. However it is even worse then some of the other scenarios that delay repossessions that I have listed here. Becoming one of the locksmiths in your area is a strong choice, in fact most repomen that I know personally throughout the years have some kind of locksmith training.
There are times where you have no keys for cars, there are times when the keys won’t be left on a boat and if you happen to repossess tractor trailers, without locksmith training you will surely be stuck.
In Orlando they have locksmith training available, just like most cities should have. The training is just another great skill to have under your belt for those days you would have otherwise been locked out. Not only does locksmith training come in handy for repossessions, but it also comes in handy for other things that may come up. I remember one time I had been driving a car that I bought at auction, it was an SUV and I wasn’t used to being able to lock the keys in the car, but in this case I had my dog in the car and luckily it was still running with the AC going, otherwise no questions asked I would have had to break the window before the heat stroke hit the dog but that was not an issue since the AC was running as well as the car. However I had to look at fuel consumption, and the possibility of the car stalling out. [Read more…] about Locksmith training for repomen
After doing repo’s for so many years you begin to realize the chain of events leading up to repossession and what they might let go of first. Allot of times it begins with one asset and ends with another much more personal asset.
It’s a kind of the circle of repossession, the business starts losing money like a funnel, there is a balance due or a debt on everything so the debtor has to think, should he pay the car first or the yacht, while not always thinking rationally, almost always they let the yacht go before the car. While a person may be attached to one thing much more than the other, in this scenario there are also many factors that should take place. Think about it, if you put over $100,000 down on a yacht and it has equity after paying it for so many years but the Maserati car is upside down and the payment amounts are similar just a longer term on the yacht. Logic says to let the Maserati go if need be and try to sell the yacht to save some of the equity that will surely be lost once the bank starts adding repossession costs, investigation costs, transport, storage, auction and remarketing fees, you can just say goodbye to any equity you might have had previously. [Read more…] about Toys Always Get Repossessed First
In repossession there is a ton of things that unless people are actually in the company know little about. Most people think all you need is a truck and an office and you are good to go. While this is true in some cases, it is certainly not true for anyone trying to work for finance companies and national banks. In fact this might be one of the reasons that so many banks utlize national forwarding companies in order to eliminate the hassles.
What are some of the things that are hidden to be in repossession
A big thing believe it or not is cash. A large amount of liquid working cash is needed to be in repossessions. Why is that? There are actually several reasons for this and different players in the repo business as you know. Most people become known for what they do but very few do several kinds in the same company. Meaning if you do Yachts, you don’t typically do cars, if you do heavy equipment, you don’t typically do car repossessions. However in this business you need money no matter what type of recovery you handle. Sometimes cash must be laid out for up to 60 days, perhaps well into the 5 figures. [Read more…] about Repossession business cost more than most think
I wake up this morning and my car is gone so I called the police to tell them its stolen. They advised me it has been repossessed but I told them I have no loans with any bank on the car.
This is a scenario that happens often and it can happen a few different ways but the most notably way is called a straw purchase. Someone sells you a car and holds a small note for the balance(while still making payments themselves to a finance company) , gives you the car but never transfers title or registration. This is very popular in places where the influx of illegals may be higher than normal, giving someone without papers a way to drive a car as the normal channels are not doable at this moment in time. Another popular reason for this is to find someone willing to hold a few thousand on the car accepting payments from a third party without knowing the seller himself has payments. [Read more…] about I bought a car from some guy and last night it got repossessed
You decide to sell your car so you put an ad in the local paper, auto trader or some online outlet to sell cars. In many cases, most of the people that call are out of the area, either in another state or slightly closer in another city. People make appointments to come see the car and in many cases they never even come to see it and they just buy it sight unseen. There are several important things to cover when selling a car in order to cover your ass so to speak. Over the years being in the liquidation, remarketing industries I have seen one too many times somebody get burned for some slight oversight or error on the part of the seller.
To do list when selling a car out of state
- Make sure you get a wire transfer of funds or cash depending upon the price of car.
Checks and cashiers checks can no longer be trusted with the amounts of fraudulent people roaming around. A bank will actually put a 7 day hold on a cashiers check to avoid a fraud check and even if it is fraudulent, you are fully responsible for the amount. Simple to say wire me the money and pay the small fee involved, its the fastest and safest route for a larger purchase. [Read more…] about Selling a car out of state with the ability to repossess