Repossession New Hartford NY

Repossession is a term used to describe a situation where the bank takes back possession of an item, product, or piece of property. In certain situations, the repossessing entity is not a bank, but some form of a financial lender such as a creditor. This can only occur if the person, or persons that the lender gave credit to have defaulted on their loans or payments.


1 . Local Companies

Del Buono & Diodati
(315) 724-5149
23 Genesee St
New Hartford, NY
Levene Gouldin & Thompson Llp
(315) 732-8661
605 French Rd
New Hartford, NY
Joyce Law Firm the
(315) 738-0879
107 Genesee St
New Hartford, NY
Shkane & Shaheen
(315) 724-1134
77 Genesee St
New Hartford, NY
Hilton Robert K III
(315) 793-3622
555 French Rd
New Hartford, NY
PRIMO JUDGMENT RECOVERY
315-790-5320
P.O. BOX 208
WASHINGTON MILLS, NY
Gorman Bartle J Atty
(315) 733-7340
150 Genesee St
New Hartford, NY
Estate Planning Law Center
(315) 793-3622
555 French Rd
New Hartford, NY
Samuels Burrel Atty
(315) 732-5575
88 Harrogate Rd
New Hartford, NY
Zumpano David J CPA ESQ
(315) 793-3622
555 French Rd
New Hartford, NY

2 . Description

Repossession is a term used to describe a situation where the bank takes back possession of an item, product, or piece of property. In certain situations, the repossessing entity is not a bank, but some form of a financial lender such as a creditor. This can only occur if the person, or persons that the lender gave credit to have defaulted on their loans or payments. The way repossession works is that a person or persons borrow money from a financial institution to make a large purchase. This can be for a car, motorcycle, boat, vacation home, engagement ring, fur coat, or anything else that required a loan to purchase. The only way repossession can happen is if the person requests a loan for a specific item, and the financial institution has a record that this item was purchased. Once the item is purchased, the borrower has to follow the repayment options outlined in their loan agreement. When this borrower begins to miss payments, or does not make payments at all, the lender has the option to try repossession. They will make every effort to ensure that the loan is repaid, but if they are unable to reach the borrower and the borrower fails to follow their payments terms, repossession becomes an option. The lender can legally take possession of the item if these terms are not met or followed. In most cases, the lender will work with a collection agency or repoman to obtain the item.

3 . Employees and Repossession

There are a few employees that a financial institution or lender might use to stage a repossession. The lender can obtain these employees by using a specific type of company that specializes in these types of services. The first type of company that a lender can use for a repossession is a collection agency. The goal of a collection agency is to handle the process of collecting on the loan. A collection agency might call the borrower several times a day in the attempt to contact the individual who borrowed the money. Many states do not have regular times, or any specific times that prohibit when a collection agency can call. At one point, collection agencies were not allowed to call on the weekends, and had to adhere to the hours of eight a.m. to nine p.m. on weekdays. They were also not allowed to call borrowers at work. Now, though, these rules have been eliminated, and a collection agency can call at any time. The collection agency will try to work out an arrangement with the borrower to either repay the money, or return the purchased item. If an agreement cannot be made, the next step in the repossession process involves the use of a repossession service. This repossession service will send out a repoman to find the item in question. The goal of the repoman is to take back the item with as little hassle and trouble as possible. If the item is an automobile or something that is kept outside the home, the repoman may actually wait for several hours before taking possession of the item. It is important to note that the repoman does not have to inform the person that they are taking the item, but can actually simply arrive and drive off in the car. The process can take as little as five minutes, or as long as several days or weeks.

4 . When Repossession Happens

When a repossession happens, the borrower does not have to be informed of the repossession. They may receive a letter in the mail stating that unless payment is made, the item will be taken back by the financial institution or lender. This letter is also known as a notice, and should arrive by certified mail. The notice or letter will clearly state the terms that the borrower must follow, and be given a date when the money is due. If the money is not repaid, a second notice will be sent. This notice will state that the item in question is subject to repossession and will be taken back by a collection agency or repoman on a certain date. The repoman will arrive on that day to take back the item, and if it is not there or they cannot find the item, then they will continue to look for the item. There are some borrowers who will frequently hide the item in question in the hopes of saving it from repossession. The repoman will do whatever it takes to gain possession of that item, to the point where they may follow the borrower for several days simply to see where they have stored the item. Once the item has been taken, it is the responsibility of the borrower to make arrangements to pay off the loan or get their item back.
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