You shouldn’t have to worry about your car being picked up by the repo agent if you’ve made timely payments on your car loan. Vehicles sometimes get repossessed even when borrowers pay on time though. While this often happens because of computer glitches or bad bookkeeping, it also occurs when repo agents don’t verify that they are picking up the right car though.
It’s common for repo agents to drive around parking lots using high tech cameras linked to computers to see if there are any cars with repossession orders out on them. This isn’t how most repo companies find business though. Many of them have longstanding contracts with lenders to recover their vehicles.
One of the first things that repo agents do when they’re trying to track down your vehicle is to visit your last known residence. The lender often gives it to them.
If you happen to keep your vehicle garaged as a way of hiding your car from them, then they may open your garage and tow it away. If that’s not an option in your jurisdiction, then they’ll case your home. The repo agent will follow you as you drive away. Once you stop and run in the store or into work, they’ll pick it up and tow it way.
It’s not unheard of for repo agents to travel up and down the streets within a few blocks of your home or job looking for your vehicle. They know that borrowers often ditch their cars a few blocks away and walk home.
Repo agents may even look at a relative’s home for your vehicle.
Lenders will often pay to have repo agents chase you and your car around for quite some time before they’ll decide to pursue other legal action against you.
While many repossessions occur for lawful reasons such as a borrower falling behind in making payments; there are many cases in which they should have never happened at all. An attorney can advise you of your rights if your car has been picked up in Vadnais Heights or elsewhere in Minnesota when it should not have been.
