Why do banks use a repo man?

I was thinking about this after that repo man got shot a few weeks ago. Why the need for a repo man showing up in the night and "taking" the vehicle back? Why can't they just show up at any time with a deputy, provide the proper paperwork proving that there's a lien on the vehicle and that the loan is in default and just get the vehicle? My father-in-law is an attorney and he could probably answer this but I figured I'd give y'all a shot at it. Something I've always wondered.

Gatorb said:

do big banks use em' a lot? me and a buddy of mine repo'd for a couple years back 15 years or so but it was for one of those bail/bond loan shark guys........it was pretty fun. and real good money.

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I don't know Blaine. I'ver never had anything repossessed but I've known folks who woke up and the car was gone. That's one job I wouldn't want any part of.

LEO has better things to do for one. And people usually are not very happy when someone comes to claim their property.So avoiding contact is the reason for the nightime deal. My Dad works for a big dealership around here, and during the cash for clunkers program, they attached a copy of the key to the file, to make it easier to repo later.

Jody Hawk said:

I was thinking about this after that repo man got shot a few weeks ago. Why the need for a repo man showing up in the night and "taking" the vehicle back? Why can't they just show up at any time with a deputy, provide the proper paperwork proving that there's a lien on the vehicle and that the loan is in default and just get the vehicle? My father-in-law is an attorney and he could probably answer this but I figured I'd give y'all a shot at it. Something I've always wondered.

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I use to repo after I dropped outta college, most of the time we'd repo your car while you were at work.

Doubt seriously the law has time to fool with it, especially now.

Good money, and got to drive some pretty nice vehicles. You wouldn't believe some of the stuff we'd find in these cars.

I am sure one reason is if yoy tell them they can't take it then they must leave it by law. So the pick times that are the least likely for them to encounter the owner.

Because there in the banking business not the risk your life and limb of getting shot at or something business. Also, hiring a repo company provides a layer of protection by having a repo company having liability insurance if something happens to the car or persons involved. I would not be surprised if very large lenders might have a person on staff that did it, but by and large, its easier and more cost effective to send it out to a repo company.

Repo man are cheaper then leo

Another reason is that it is a civil matter. An example of when a LEO will get involved is when, at the request of the repo and finance company and proper paperwork is completed and filed with the court, the vehicle is known to be at a location(say inside the garage with windows), and both the repo company and finance company have made several successfull contacts with the debtor and the debtor still refuses to release the car. I think it is called Mortgage Theft, or something like that. The debtor can be placed under arrest.

My experience is that many LEO's really do not care for repo agents. And like said above, they act as another layer of protection for the bank.

As far as being cheaper, I would disagree. A repo company gets paid anywhere from 250 - 500 per car.

Different finance companies use different tricks. Some of the high risk car lots, attach a GPS tracker and a kill box on the vehicle, which makes picking those cars up easier, but you get less money for the pick up. But Ford and some of the other mfg do not. It is more of a here is the file, go get em type of a process.

The company I used to work for ran both day and night trucks with great success. One thing we did do, which most debtors appreciated was, once we had the car hooked and off their property, we would do a "courtesy knock"! Yes even at 3 am, to let the person know what was going on. We always allowed them the opportunity to get their personals out of the car in exchange for a key. The key made it easier for us to move the cars around the lot. This worked 99% of the time. If the person said they werent giving us a key, we would politely tell them then the car is going straight to auction and they would have to deal with the auction company to get there stuff (which is a huge hassle).

Most people know when their car is up for repo and always are trying to make it hard for the repo guys to get it. I have seen F-350's chained to decks behind the house, skid-loaders parked behind and in front of cars, pit bulls chained to cars, cars parked in barns, etc....

I had an absolute blast when repoing cars. Got to see a whole lot of crazy stuff. The only thing I didn't like was not being able to carry my gun. Company forbid it for insurance purposes, but 95% of the repo's go off without any problems. You do get to hear all kinds of stories though.

Repo people are used for similar reasons as bounty hunters are used for bail bond skips.

Jody Hawk said:

I was thinking about this after that repo man got shot a few weeks ago. Why the need for a repo man showing up in the night and "taking" the vehicle back? Why can't they just show up at any time with a deputy, provide the proper paperwork proving that there's a lien on the vehicle and that the loan is in default and just get the vehicle? My father-in-law is an attorney and he could probably answer this but I figured I'd give y'all a shot at it. Something I've always wondered.

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If I'm not mistaken they can still keep you off there property if the law is called....it is still trespassing. I rode with a repo guy several times a few years ago. He told me the main thing was to get it off the property then you are good to go no matter who shows up.

modern_yeoman said:

If I'm not mistaken they can still keep you off there property if the law is called....it is still trespassing. I rode with a repo guy several times a few years ago. He told me the main thing was to get it off the property then you are good to go no matter who shows up.

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Yep!!!

Havana Dude said:

LEO has better things to do for one. And people usually are not very happy when someone comes to claim their property.So avoiding contact is the reason for the nightime deal. My Dad works for a big dealership around here, and during the cash for clunkers program, they attached a copy of the key to the file, to make it easier to repo later.

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It isn't their property until they pay for it. That is the major problem with repossessing any property, the deadbeats think they own it because it is in their possession. In some states repo men can't take a vehicle unless they have law enforcement present to observe and keep the peace as well as serve the debtor the papers from court allowing the repossession.

I had a repo man arrested in Douglas county a few years back. He came to my office and backed up to my car like he was going to hook it, problem was that I paid cash for the car and knew there were no liens of any kind. I went out to confront him and he backed the truck into me. I pulled my gun and held him at gunpoint while waiting for the police. They came and arrested him. His boss showed up and was arrested also for obstruction.

The police told me that a lot of "stolen" vehicles in their area are found left on the side of the road by repo men that take cars that fit the description and don't check the VIN until clear of the area. When they find out they have the wrong vehicle, they just drop it and go on to the next likely looking car. I don't like deadbeats, but I dislike thieves (repo men) more. There is a reason why they call it "Stealing For A Living Legally". Not all repo men are honorable, actually most are not. Thus the reason most Police officers have no interest in helping them.

I blame the banks for lending money to people who obviously have a high probability of default just to charge extremely high interest. The money they make on interest isn't counted as money paid toward the vehicle even though sometimes it is equal or above the principal paid over a period of time and the value of the vehicle is recouped before it is repossessed because of outstanding principal owed.

Let me clarify one thing, I didn't "drop" outta college, I was just asked to leave....

Hooked On Quack said:

Let me clarify one thing, I didn't "drop" outta college, I was just asked to leave....

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Hooked On Quack said:

Let me clarify one thing, I didn't "drop" outta college, I was just asked to leave....

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You and my son must have had common ancestors......lol

He actually made it through after a year of reflection(working hard for a living) and deciding college was more than a big party.

polaris30144 said:

It isn't their property until they pay for it. That is the major problem with repossessing any property, the deadbeats think they own it because it is in their possession. In some states repo men can't take a vehicle unless they have law enforcement present to observe and keep the peace as well as serve the debtor the papers from court allowing the repossession.

I had a repo man arrested in Douglas county a few years back. He came to my office and backed up to my car like he was going to hook it, problem was that I paid cash for the car and knew there were no liens of any kind. I went out to confront him and he backed the truck into me. I pulled my gun and held him at gunpoint while waiting for the police. They came and arrested him. His boss showed up and was arrested also for obstruction.

The police told me that a lot of "stolen" vehicles in their area are found left on the side of the road by repo men that take cars that fit the description and don't check the VIN until clear of the area. When they find out they have the wrong vehicle, they just drop it and go on to the next likely looking car. I don't like deadbeats, but I dislike thieves (repo men) more. There is a reason why they call it "Stealing For A Living Legally". Not all repo men are honorable, actually most are not. Thus the reason most Police officers have no interest in helping them.

I blame the banks for lending money to people who obviously have a high probability of default just to charge extremely high interest. The money they make on interest isn't counted as money paid toward the vehicle even though sometimes it is equal or above the principal paid over a period of time and the value of the vehicle is recouped before it is repossessed because of outstanding principal owed.

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We should meet one day...That way you will see that all repo men are not bad. I am a ethical man, and was ethical whenever I did repo work. The first thing we did was ALWAYS vin the vehicle. We followed the letter of the law to the tee. Which is why the company I worked for is very successful. I am a college graduate that also has a MBA, so I am not smuck. I did the work because I had too. I was caught up in a massive downsizing, like many other people, had a very hard time finding a new job. Luckily I have now and no longer do it.

I find it funny that you refer to repo men as thieves, but you hardly catergorize the debtors as theives, but merely deadbeats. Because thieves is exactly what they are. They are in possession of property that has not been paid for.

I am sorry that you had a bad experience with one. Maybe he didn't vin the vehicle and was only going by the decription of the car. Maybe he did, but the finance company sent over incorrect paperwork. You have to understand that many times the debtor will tell you anything and everything to make you beleive you have th wrong car. Sounds like you just had a run in with a bad company. Personally, I am not sure what could have happened.

The banks charge the high interest (guided by usery laws I believe)just for that reason, high risk. If you think that poorly of banks, I would hate to hear what you think of pawn shops then, because there is no limit of interest to be charged.


On a side note, I did have a fair share of run ins with LEO while doing repo work. While most of them were cool about it, there were the ocassional ones that were not so nice. It is just a hazard of the job. There were several ocassions when they acutally helped us with directions to some of the backroads that were not in the Tom Tom... I can tell you this: DeKalb and Clayton counties are not so nice. Fayette, Coweta, Gwinnett, Hall, and White counties were great to deal with.

The answer to the original question is that banks use repo men for self-help repossession because it is far cheaper and quicker than doing a judicial foreclosure.

Even if you have all your paperwork in order the local LEO will not assist in a repossession without a court order. The local LEO rightfully doesn't want to be put in the position of having to determine any issues about possession or ownership. Even with a court order, you have to make an appointment with an LEO and hire a hook to haul off the vehicle, so the costs just compound.

The other reason banks use repo men is that it puts another layer of liability between the bank and the illegal acts of the repo man. When he threatens the debtor with a tire iron, the bank can claim that he is an independent contractor, and the bank did not "authorize" him to commit the act (true story), although if he gets the car the bank doesn't give it back.

I don't know an exact number but a very high percentage of repo's are illegal for one reason or another. The debtors just don't have the resources to pursue their remedies. In THEORY, merely telling the repo man to leave your vehicle alone and not take it is enough to make him leave. Good luck with that.

polaris30144 said:

It isn't their property until they pay for it. That is the major problem with repossessing any property, the deadbeats think they own it because it is in their possession. In some states repo men can't take a vehicle unless they have law enforcement present to observe and keep the peace as well as serve the debtor the papers from court allowing the repossession.

I had a repo man arrested in Douglas county a few years back. He came to my office and backed up to my car like he was going to hook it, problem was that I paid cash for the car and knew there were no liens of any kind. I went out to confront him and he backed the truck into me. I pulled my gun and held him at gunpoint while waiting for the police. They came and arrested him. His boss showed up and was arrested also for obstruction.

The police told me that a lot of "stolen" vehicles in their area are found left on the side of the road by repo men that take cars that fit the description and don't check the VIN until clear of the area. When they find out they have the wrong vehicle, they just drop it and go on to the next likely looking car. I don't like deadbeats, but I dislike thieves (repo men) more. There is a reason why they call it "Stealing For A Living Legally". Not all repo men are honorable, actually most are not. Thus the reason most Police officers have no interest in helping them.

I blame the banks for lending money to people who obviously have a high probability of default just to charge extremely high interest. The money they make on interest isn't counted as money paid toward the vehicle even though sometimes it is equal or above the principal paid over a period of time and the value of the vehicle is recouped before it is repossessed because of outstanding principal owed.

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I guess I mis spoke. I was referring to the bank coming to get THEIR property. of course it's not the idiots property that isn't paying the bill.

tresspass in GA

I did repo up to may of this year!
i have a lawsuit on a county SO.
in Ga repo folks or exempt from tresspass laws just like
LEO,Fire fighters, and emt's

I just cant comprehend why folks buy something they cant afford, down the rd and knowing that.Hardship or not .call your loan agent and explain .in most cases they will work with you.Its the ones that neglect payement on purpose .Why do they do that?