3 Strategies for Finding a Car You Must Repossess

 Posted on June 30,2023 in Asset Recovery

Most auto lenders would prefer it if every buyer simply made their payments on time, every time - or at least were able to catch up with their past-due bills. However, the fact is that some borrowers become so far behind on their payments that repossession becomes a creditor’s best option for recovering what is owed to them. While there are some legal concerns to be addressed before beginning the repossession process, one of the more challenging parts may be locating the car itself. Some borrowers do not give an accurate address, while others move without updating their address. This can make it a bit difficult for repossession workers to carry out their job duties. Before you repossess a car, it is best to speak with an attorney who can ensure that the process is completed according to legal standards in Illinois.

Tips for Locating Cars You Must Repossess

Most repossession workers begin looking for a car by checking the borrower’s home, often in the evening or on a weekend day. However, even when the car is found there, there is a high risk of the borrower noticing the tow truck and causing problems. If the car is not at the borrower’s home, some strategies for locating the vehicle include:

1. Check their workplace - If your borrower works outside their home, you may try looking for their vehicle at their workplace during their employer’s normal business hours.

2. Use their social media - Many people use social media very frequently and make posts about their whereabouts. Checking the borrower’s social media accounts to look for clues about their present location may be helpful. You may also be able to discern where the borrower tends to spend their time. For example, if you see quite a few photographs or “check-ins” at a particular restaurant, bar, or coffee shop, you may try looking there for the vehicle.

3. Use tracking technology - Many auto lenders and sellers require the vehicles they sell to have tracking technology installed. There are many aftermarket devices that can be permanently and discreetly installed on vehicles. Additionally, some modern vehicles come with integrated GPS technology. This can enable you to find a vehicle anywhere, even if the borrower attempts to park it discreetly.

These are only a few of the many strategies that may help you locate a vehicle you have grounds to repossess. An attorney can guide you through the repossession process.

Contact a Chicago Repossession Attorney

Dimand Walinski Law Offices, P.C. is experienced in helping auto lenders complete the repossession process when it is necessary. Our Chicago repossession lawyers can help you with the legal and practical sides of repossessing a vehicle. To arrange your introductory consultation, please contact us at 312-704-0771.