Be notified when an answer is posted
The active towing company will need REPO insurance and REPO agents. And some REPO clients.
usually they will let you get the vehicle but you will have to pay for there time unless its a repo, then not a chance.
Most local towing service also do repo work
Neither are good. Call the lender and work something out. a repo is a repo by any standard ,they will sell the unit and go after you for the deficiency no matter what.it will be on your credit as a repo. You will not have to pay the towing and fees associated with the repo. That is the only difference.
You need to have a lien on the vehicle and reasonable cause to repo it, whether it be late payments, risk of losing the vehicle in impound, etc.
I dont know what you consider "reasonable", but, IF they can write in IL, this is a good bet. http://www.ocalainsurance.com/
This is based on where the repo is done (what State and Country) What the contract between the towing operator, bailif and lender as well as the law in the Jurisdiction the repo takes place. Then how many miles, where the semi is stored and how long. Also how difficult was the repo? Was the unit surrendered to the lender? or did the lender have to sneak out with tow truck and repo it the hard way? A tractor that is surrendered at the lenders storage facility may only cost $1000 If they had to track down the unit and repo it the hard way $3000 to $5000 is common. And no it isn't $5000 for driving it away. That includes bailiff fees towing skip tracing auction costs etc.
Yes, there are. Most repossession services are actual towing companies who also do repossession work.
Sales on tow trucks aren't very common, but a person could start by looking locally at any towing companies. If there any towing companies in the area, someone could call or visit them to see if they're selling any repo tow trucks, and if they're not, proceed to ask if they know of any that are for sale.
It is done in time not money i.e. days late.Generally 30-45 days late triggers a repo but they can repo after one day late.
Considering that the LENDER will be the one to report it as a "repo", wouldn't it be best the discuss it with the LENDER?
It all varies by your state laws. but normally the lender will search for repo and towing companies in the area where they think you are and they search for you and come and tow your car to a tow company or repo company lot, then they contact your lender, so you need to contact your lender to arrange payment or to get your stuff out of your car. Hope This helps Adam OUT