Repossession is the legal process of a lender taking the collateral into custody when the borrower defaults on the loan payments. In general, the repossession process entails the lender sending the borrower a notice of intent to repossess once three consecutive monthly payments have been missed. The lender then contracts a towing and recovery service. The recovery service then visits the borrower's work and home address to take possession of the collateral vehicle.
Contact the lender. Look at the latest notice or statement mailed by the lender. Find the phone number of the legal department or collections department. Phone the department and ask to speak with a supervisor. Ask the supervisor for the name and phone number of the towing and recovery service, as well as how much the lender is willing to accept to release the repossession order.
Phone the towing and recovery service. Ask the towing and recovery service representative for the name, phone number, and address of the impound yard or the repossession lot where the car is being held. Ask about the fees involved to recover the vehicle. Usually, this will include a recovery fee and storage fee.
Go to the impound or repossession lot. Pay the recovery and storage fees. Get a receipt for said payments and a manifest list from the lot which lists every personal item left in the vehicle at the time of repossession.
