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Understanding The Repossession Process

  • January 09, 2007
  • by PInow Staff

Businesses that rent, borrow, lease or offer financing on products face the risk of non-payment. When a customer does not make payment, the business stands to lose considerable amounts of money. Investing in a professional investigator with repossession experience can be the best way to collect property legally without losing additional money.

The repossession process today really begins with the way companies do business. In today's business world, many companies sell products and offer financing at the same time or lease and rent products. In all these cases, there is a risk that the customer will simply not honor their contract and will not pay.

When a customer does not pay, the business has a few options. They can write off the loss, they can keep trying to collect on the delinquent account, or they can repossess the item that has not been paid for. Repossession is a legal process that allows a business to legally take over a product in cases where a contract has been broken. No business likes to repossess it is a costly hassle and still results in some loss of money but in cases where money cannot be recovered, repossession lets a company recover some of their lost money and assets.

Repossession also lets a business cut their losses. Statistics have shown that most accounts more than 90 days outstanding will not be paid. The entire time that an account goes unpaid and an item goes uncollected, the seller or lender loses even more money in sending out collection letters. Plus, the items continue to be used, lowering its potential resale value even more. For all these reasons, repossession can be a good option for severely delinquent accounts.

The first step in repossession usually involves looking over the paperwork. The company will have to look over the contract between the business and the customer. The contract that the customer signed must state that the seller or lender can repossess the product. The contract should also outline exactly when the business can repossess. It is important that the business wait until this date has passed before making any attempts at repossession. Some contracts further state that the customer must pay certain fees if non-payment occurs, usually to cover the money that the seller or lender loses through repossession and through the reselling of the object.

Next, businesses must gather all evidence and paperwork related to the repossession. This can include a copy of the contract, evidence of non-payment, and letters of reminder and collection that have been sent to the customer. Finally, the business must contact a good private investigator or repossession service in order to have the products recovered.

There are plenty of good reasons to rely on a professional and, specifically, a professional investigator in the repossession process. Taking possession of products without help is time-consuming and can be risky. Each state has its own laws regarding trespassing and repossession. A business owner can break just one law and find themselves charged. Plus, any small legal oversight in the repossession process can give the customer all the ammunition they need to have the repossession declared illegal which can cause big headaches for the business already losing money. All this can be avoided by having a professional take care of the repossession.

Although there are plenty of repossession companies out there, there is a good reason to look for an investigator with repossession experience. Such a professional can not only repossess a product legally but can also find customers who have moved away or who have concealed a product in order to keep it from being seized. Keep in mind that most customers take a very dim view of repossession and may resist repossession. An investigator has the experience and knowledge of what to do to get the product back for a business quickly and without damage.

Now, businesses can find local investigators more easily than ever before. Online, the Worldwide Directory of Private Investigators is a free investigator directory that lets anyone find a qualified professional investigator in minutes. Plus, the Worldwide Directory of Private Investigators has a free repossession resource library, full of tips for businesses.

About ( is a Worldwide Directory of Private Investigators that enables law firms, corporations, and the general public to find investigators anywhere. strives to be the most trusted resource on the web to locate qualified investigators. All investigators listed on are pre-screened and must meet specific listing requirements. was developed by the team that brought you the Process Servers Directory (

Visit to find investigators who can help with all your investigation needs.

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