Repossession companies are used to locate and take possession of vehicles that have fallen behind on payments or that were purchased using fraudulent means. Though it may seem like a daunting task, repo companies have a wide range of tactics and technologies at their disposal that enable them to quickly and efficiently find vehicles. This article will explain how repo companies find vehicles and what you should do if your car is being repossessed.
What is a Repo Company?
A repo company, also known as a repossession company, is a business that specializes in recovering vehicles that have fallen behind on payments or have been purchased with fraudulent means. Repo companies are hired by creditors, such as banks and auto finance companies, to locate and repossess vehicles to recover the unpaid balance. Repo companies are legally allowed to enter private property to repossess a vehicle and are usually bonded and insured to protect the creditor from any damage that may occur during the repossession.
How Do Repo Companies Find Vehicles?
Repo companies use a variety of tactics to locate and repossess vehicles, including:
Skiptracing
Skiptracing is the process of finding a person's current whereabouts by analyzing information from public databases, credit reports, and other sources. Repo companies use skiptracing to locate the registered owner of a vehicle and determine their current address. Once the repo company has the owner's current address, they can then send a letter to the owner informing them of the repossession and arrange a time to pick up the vehicle.
GPS Tracking
GPS tracking is used by repo companies to monitor the location of a vehicle and determine when it is in an accessible location. GPS tracking devices are usually installed on a vehicle without the owner's knowledge, allowing the repo company to track the vehicle's location in real time. When the repo company determines that the vehicle is in an accessible location, they can then quickly move in and repossess the vehicle.
Surveillance
Surveillance is another tactic used by repo companies to locate and repossess vehicles. Repo companies may hire private investigators or send their own agents to monitor and observe a vehicle's location. Surveillance allows repo companies to determine when and where a vehicle is located and can be a very effective way of locating a vehicle that is not responding to other methods.
Social Media
Social media is increasingly being used by repo companies to locate and repossess vehicles. Repo companies can use social media to track a vehicle's location and determine when it is in an accessible location. Repo companies can also use social media to locate the registered owner of a vehicle and send them a message informing them of the repossession.
What Should You Do If Your Car Is Being Repossessed?
If you are behind on your car payments and have received a notification from a repo company, the first thing you should do is contact the creditor and try to work out a payment plan. It is important to remember that repo companies are legally allowed to enter private property to repossess a vehicle, so it is best to try and work out a payment plan before they arrive. If the repo company is at your door, it is important to remain calm and cooperate with them. Do not attempt to prevent the repo company from taking your vehicle as this can lead to legal consequences.
Frequently Asked Questions
What is a repo company?
A repo company, also known as a repossession company, is a business that specializes in recovering vehicles that have fallen behind on payments or have been purchased with fraudulent means.
How do repo companies find vehicles?
Repo companies use a variety of tactics to locate and repossess vehicles, including skiptracing, GPS tracking, surveillance, and social media.
How can I prevent my car from being repossessed?
The best way to prevent your car from being repossessed is to contact your creditor and try to work out a payment plan. It is important to stay up to date on your payments so that you can avoid repossession.
What should I do if my car is being repossessed?
If you are behind on your car payments and have received a notification from a repo company, the first thing you should do is contact the creditor and try to work out a payment plan. If the repo company is at your door, it is important to remain calm and cooperate with them.
Can repo companies enter private property to repossess a vehicle?
Yes, repo companies are legally allowed to enter private property to repossess a vehicle.
Can repo companies track my vehicle?
Yes, repo companies can use GPS tracking technology to monitor the location of a vehicle and determine when it is in an accessible location.
Can repo companies use social media to locate a vehicle?
Yes, repo companies can use social media to track a vehicle's location and determine when it is in an accessible location. Repo companies can also use social media to locate the registered owner of a vehicle and send them a message informing them of the repossession.
What happens if I try to prevent the repo company from taking my car?
Attempting to prevent the repo company from taking your vehicle can lead to legal consequences, so it is best to remain calm and cooperate with them.