An entrepreneur who expands his/her business ventures to include private money lending is engaging in a potentially lucrative, albeit risky, endeavor. Issuing high-interest, short-term car loans to troubled borrowers definitely could turn a nice profit as long as the loans are paid back. Of course, the chance a borrower defaults does exist. If a default occurs, working with a professional service to amicably and legally repossess the vehicle becomes necessary.
Leave Tasks to Professionals
Most definitely, do not try to repossess a vehicle on your own. Lenders should always outsource such a delicate task to a professional towing service that specializes in handling repossessions. Repossessing a vehicle can be a lot harder than it seems. A tow truck driver with car repossession experience can handle a lot of issues a peeved lender is unfamiliar.
The tow truck driver understands:
- How to deal with crowds and onlookers.
- The proper way to repossess a car in very inclement weather.
- Engaging the borrower if he/she shows up while the car is in the process of being towed.
Someone without the experience to deal with these scenarios might find the "easy" job of using a spare key to pick up the car has the potential to spin out of control quickly.
Adhere to the Law
No matter how egregious the contract breach was or how many broken promises the borrower may have made, there are laws on the books regulating the conduct of someone repossessing a car. In certain jurisdictions, a person may be charged with "breach of peace" if the repossession is done in a disruptive or confrontational manner. Professional towing services understand the "what, when, and how" of properly repossessing a car so violations of the law do not occur.
Contact and Work with Law Enforcement
In some instances, the tow truck service may work with local law enforcement to help mitigate the repossession of the vehicle. The towing service may have contacts in law enforcement and a simple "head's up" to the sheriff's office could facilitate the smooth repossession of a vehicle. Since the towing service let the police know they are going to perform a repossession, a quick call for assistance could lead to an immediate response if anyone becomes belligerent or hostile.
Overlooked steps such as notifying law enforcement eliminates a lot of problems. An established professional service understands the difficulties that might arise and is not going to send drivers out with instructions to confront anyone. A very dangerous situation could develop opening doors to liability to you, the client. For assistance with vehicle repossession, contact a company like Tri City Towing And Recovery.