Repossession New York

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

DBF Collection Corp.
516-295-4636
PO Box 447
Hewlett, NY
Allstate Merchant Services
(917) 687-3359
40 Rector Street
New York, NY
Merchants First
(800) 575-6293
85 Lafayette Avenue
Suffern, NY
koster collections
239 353 7864
21 keystone
valley cottage, NY
NuMony Technologies Inc.
(845) 431-9003
2600 South Rd. Suite 44-25
Poughkeepsie, NY
Rapid Recovery Solution, Inc.
866-921-1819
80 Orville Dr Ste 100
Bohemia, NY
Financial Success Coach
(212) 861-0261
352 Seventh Avenue
New York, NY
JCB International Credit Card Co., Ltd.
(212) 651-8001
70 East 55th Street
New York, NY
Lower East Side People's Federal Credit Union
(212) 529-8197
37 Avenue B
New York, NY
MHV Federal Credit Union
(845)-336-4444, ext. 2903
5 Wingate Way
Highland, 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.
Regional Articles
- Repossession Albany NY
- Repossession Amityville NY
- Repossession Amsterdam NY
- Repossession Arverne NY
- Repossession Astoria NY
- Repossession Auburn NY
- Repossession Babylon NY
- Repossession Baldwin NY
- Repossession Baldwinsville NY
- Repossession Ballston Spa NY
- Repossession Bay Shore NY
- Repossession Bayside NY
- Repossession Beacon NY
- Repossession Bellerose NY
- Repossession Bellmore NY
- Repossession Bethpage NY
- Repossession Binghamton NY
- Repossession Brentwood NY
- Repossession Brewster NY
- Repossession Brockport NY
- Repossession Bronx NY
- Repossession Bronxville NY
- Repossession Brooklyn NY
- Repossession Buffalo NY
- Repossession Cambria Heights NY
- Repossession Camillus NY
- Repossession Canandaigua NY
- Repossession Centereach NY
- Repossession Central Islip NY
- Repossession Clifton Park NY
- Repossession Cohoes NY
- Repossession College Point NY
- Repossession Commack NY
- Repossession Copiague NY
- Repossession Coram NY
- Repossession Corning NY
- Repossession Corona NY
- Repossession Cortland NY
- Repossession Cortlandt Manor NY
- Repossession Deer Park NY
- Repossession Delmar NY
- Repossession Depew NY
- Repossession Dunkirk NY
- Repossession East Amherst NY
- Repossession East Aurora NY
- Repossession East Elmhurst NY
- Repossession East Islip NY
- Repossession East Meadow NY
- Repossession East Northport NY
- Repossession East Setauket NY
- Repossession East Syracuse NY
- Repossession Elmhurst NY
- Repossession Elmira NY
- Repossession Elmont NY
- Repossession Endicott NY
- Repossession Fairport NY
- Repossession Far Rockaway NY
- Repossession Farmingdale NY
- Repossession Farmingville NY
- Repossession Floral Park NY
- Repossession Flushing NY
- Repossession Forest Hills NY
- Repossession Franklin Square NY
- Repossession Fredonia NY
- Repossession Freeport NY
- Repossession Fresh Meadows NY
- Repossession Fulton NY
- Repossession Garden City NY
- Repossession Glen Cove NY
- Repossession Glen Oaks NY
- Repossession Glens Falls NY
- Repossession Gloversville NY
- Repossession Great Neck NY
- Repossession Hamburg NY
- Repossession Hauppauge NY
- Repossession Hempstead NY
- Repossession Hicksville NY
- Repossession Hilton NY
- Repossession Holbrook NY
- Repossession Hollis NY
- Repossession Hopewell Junction NY
- Repossession Horseheads NY
- Repossession Howard Beach NY
- Repossession Huntington NY
- Repossession Huntington Station NY
- Repossession Islip NY
- Repossession Ithaca NY
- Repossession Jackson Heights NY
- Repossession Jamaica NY
- Repossession Jamestown NY
- Repossession Kew Gardens NY
- Repossession Kings Park NY
- Repossession Kingston NY
- Repossession Lancaster NY
- Repossession Larchmont NY
- Repossession Latham NY
- Repossession Levittown NY
- Repossession Lindenhurst NY
- Repossession Little Neck NY
- Repossession Liverpool NY
- Repossession Lockport NY
- Repossession Long Beach NY
- Repossession Long Island City NY
- Repossession Lynbrook NY
- Repossession Mahopac NY
- Repossession Malone NY
- Repossession Mamaroneck NY
- Repossession Manhasset NY
- Repossession Manlius NY
- Repossession Maspeth NY
- Repossession Massapequa NY
- Repossession Massapequa Park NY
- Repossession Massena NY
- Repossession Mastic NY
- Repossession Melville NY
- Repossession Merrick NY
- Repossession Middle Village NY
- Repossession Middletown NY
- Repossession Mineola NY
- Repossession Monroe NY
- Repossession Monsey NY
- Repossession Mount Kisco NY
- Repossession Mount Vernon NY
- Repossession Nanuet NY
- Repossession New City NY
- Repossession New Hartford NY
- Repossession New Hyde Park NY
- Repossession New Paltz NY
- Repossession New Rochelle NY
- Repossession New Windsor NY
- Repossession New York NY
- Repossession Newburgh NY
- Repossession Niagara Falls NY
- Repossession North Babylon NY
- Repossession North Tonawanda NY
- Repossession Nyack NY
- Repossession Oakland Gardens NY
- Repossession Oceanside NY
- Repossession Ogdensburg NY
- Repossession Olean NY
- Repossession Oneonta NY
- Repossession Orchard Park NY
- Repossession Ossining NY
- Repossession Oswego NY
- Repossession Ozone Park NY
- Repossession Patchogue NY
- Repossession Pearl River NY
- Repossession Peekskill NY
- Repossession Penfield NY
- Repossession Pittsford NY
- Repossession Plainview NY
- Repossession Plattsburgh NY
- Repossession Port Chester NY
- Repossession Port Jefferson Station NY
- Repossession Port Washington NY
- Repossession Potsdam NY
- Repossession Poughkeepsie NY
- Repossession Queens Village NY
- Repossession Queensbury NY
- Repossession Rego Park NY
- Repossession Rensselaer NY
- Repossession Richmond Hill NY
- Repossession Ridgewood NY
- Repossession Riverhead NY
- Repossession Rochester NY
- Repossession Rockaway Park NY
- Repossession Rockville Centre NY
- Repossession Rome NY
- Repossession Ronkonkoma NY
- Repossession Roosevelt NY
- Repossession Rosedale NY
- Repossession Rye NY
- Repossession Saint Albans NY
- Repossession Saint James NY
- Repossession Saratoga Springs NY
- Repossession Saugerties NY
- Repossession Sayville NY
- Repossession Scarsdale NY
- Repossession Schenectady NY
- Repossession Selden NY
- Repossession Shirley NY
- Repossession Smithtown NY
- Repossession South Ozone Park NY
- Repossession South Richmond Hill NY
- Repossession Spencerport NY
- Repossession Spring Valley NY
- Repossession Springfield Gardens NY
- Repossession Staten Island NY
- Repossession Stony Brook NY
- Repossession Suffern NY
- Repossession Sunnyside NY
- Repossession Syosset NY
- Repossession Syracuse NY
- Repossession Tarrytown NY
- Repossession Tonawanda NY
- Repossession Troy NY
- Repossession Uniondale NY
- Repossession Utica NY
- Repossession Valley Stream NY
- Repossession Vestal NY
- Repossession Wantagh NY
- Repossession Wappingers Falls NY
- Repossession Watertown NY
- Repossession Watervliet NY
- Repossession Webster NY
- Repossession West Babylon NY
- Repossession West Hempstead NY
- Repossession West Islip NY
- Repossession Westbury NY
- Repossession White Plains NY
- Repossession Whitestone NY
- Repossession Woodhaven NY
- Repossession Woodside NY
- Repossession Wyandanch NY
- Repossession Yonkers NY
- Repossession Yorktown Heights NY
Related Articles
- Tax Issues for Domestic Partners New York
Additionally, we all know lawyer fees are not cheap. In fact, it can cost a same sex couple thousands of dollars in legal fees to get similar financial rights as those awarded by a marriage. While a marriage license on the other hand, usually costs under about $50.
- Personal Injury Lawsuit Damages New York
- Beating a Speeding Ticket New York
- Criminal Lawyer New York
- Personal Injury Lawyers New York
- How to Choose the Right Divorce Lawyer New York
- Employment Discrimination Settlement New York
- Bankruptcy Protection New York
- Inheritance Protection New York
- How to Create a Living Will New York