Repossession
Questions & Answers
ICU Inc. has been performing repossessions
since 1988. Our web site: TracerServices.com has been online
since 1994. Over the years we
get asked many of the same repossession questions. So we have
listed some of the more common repossession questions and our
answers here.
I am about to order a repossession on a car I own. Should I tell
the person that has the car that I am about to send a
repossessor after the car?
Normally, it is safer and
easier for the repossessor if the person being repossessed does
not know that we are coming to repossess the vehicle. Many
people will take that warning to mean: hide the car, hide the
car now, hide the car well, the repoman is coming.
What should I do if I think my car
was repossessed?
If you think that your car was
repossessed, you should call your bank, or lien holder. The
repossessor cannot do anything for you without the authorization
of the lien holder.
My neighbors is hiding their car from the repossessor. How can I
turn them in to the repoman?
It would be a violation of the
privacy act for a repossessor to look up your neighbor and tell
you if their car was up for repossession or not. Most
repossessors are not interested in any repossession tips.
Repossessors will not pay you as an informant for snitching.
How do I get a job in the repossession industry?
The web site
Repo-Jobs.com or
Repo-u.com has good
information on how to become a repossessor, and how
to get a job as a repoman.
Is ICU Inc. currently hiring repossessors or looking for sub
contractors?
No,
Please do not call our offices
looking for employment as a repossessor, or skip tracer. Our
personnel department does not accept phone calls regarding
employment. If you feel you have something to contribute to our
organization, please feel free to
email
your resume to us.
My car was repossessed, what do I have to do to get it back from
the repossessor?
Most states give consumers the
"Right to Redeem". Simply put, the lien holder will release the
repossessed vehicle to you once you pay the past due amount,
plus any late fees, plus the repossession fees. If the loan is
charged off, the bank may call for the entire loan balance to be
paid in full. You would also have to provide a current insurance
certificate for the repossessed vehicle. The lien holder may
also insist that you fill out a new credit application. Most
lien holders will allow you 10 to 15 days to pay the fees and
get your repossessed car back.
What is the difference between a
standard repossession and a private party repossession?
A standard repossession is where the the
lien holder or lessor, repossesses the collateral from the
debtor or leasee. Usually any repossession that does not fit
into the standard repossession definition is considered to be a
private party repossession. The following are all examples
of private party repossessions: One of the vehicle owners
repossesses the collateral from a co-owner. The owner of the
vehicle wants us to repossess the collateral from someone who is
not named on the title to the vehicle.
Does ICU Inc perform private party repossessions?
Yes, we can repossess the vehicle for any entity that is named
on the title. You can be the lien holder, the owner, or co
owner. so long as you are listed on the title we can perform a
repossession for you. We can even repossess the car from the
co-owner.
What documents are needed to hire a
repossessor and initiate a repossession?
A copy of the vehicle's title and a hold harmless agreement is
all that is usually required to initiate the repossession
process. Some states also require a copy of the security
agreement be submitted to the repossessor.
