Repossession Company .com

A repossession company is the company hired by a lender or his agent to take back items that were bought on credit or were pledged as collateral for a loan, mortgage, lease, etc., from a borrower who has fallen behind on their payments.

Many repossession companies offer complete repossession services which can include skip tracing to locate customers whose whereabouts are unknown. After the collateral has been recovered, most repo companies are able to securely store it, as well as provide clients with photographs and condition reports. A repossession company may even place the collateral up for auction, thereby obtaining bids and consummating the sale of the collateral, if the client so desires.

Lending institutions, including banks, savings institutions, finance companies, credit unions, rental / leasing companies, and auto, truck, boat, and equipment dealers, are the primary users of repossession companies.