Things You Should Know If Your Vehicle Is Repossessed
Car repossession is very common if the lender carrying the loan on the vehicle does not get the payments on time. The reasons for the missed payments are not always important to the lender, and often they will send a company that provides car repossession towing to pick up the car if they feel it is necessary.
Interacting With Repossession Companies
Car repossession towing companies may offer many different towing services, along with repo towing. The company that comes to pick up your car or truck if it is being repossessed often does not know the situation, your payment status, or any deals you have with the bank and has no power to reverse the order.
When the towing company arrives at your home, they are only there to do one thing: pick up the vehicle. If you have belongings in the car, and you approach the tow operator in a friendly and polite way, they may allow you to remove the items while they watch. Once you are done give them the keys to the car, and let them tow the car away.
Picking Up The Car
If you are releasing your vehicle to a car repossession towing service, you can let them know where it will be and turn over the car and the keys to them. They can take possession of the vehicle at your home, work, or anywhere you want to meet them, so arrange a time and place for them to pick up the car.
The towing company will load the car on the truck, take the keys from you, and thank you for working with them to get the car turned over.
Getting Your Car Back
In many cases, once a vehicle has been removed by a repossession towing service, the only way for you to get it back is to work out something with the bank. The towing service will take the car to a secure storage lot and park it there for about thirty days.
Storing the car gives you time to work out the situation with the lender, and if the bank does release the vehicle, you can go to the towing service and pick it up. In most cases there will be storage fees for the time the repossession towing company had to store the car, so call ahead to ensure the bank has released it and find out what fees you need to pay to receive the car.
Some towing companies charge more than others for storage, so the fees can vary greatly between companies. The longer the car sits in the yard, the more fees accumulate; so once it is released, you should try and pick it up right away.