- 1). Obtain a request for repossession from a bank or lender. The bank will notify the third-party repossession company by phone when the car owner has defaulted on her loan. Under the law, the car may be repossessed as soon as the first payment is late. However, this rarely occurs. Usually the lender repossesses a vehicle only after several missed payments.
- 2). Obtain the car key codes from the lender if they have them. These key codes are instructions for a locksmith to cut a matching car key which opens the door and starts the vehicle. Key codes make the repossession safe and fast. If the lender has no key codes, the car must be towed.
- 3). Locate the owner by performing a reverse VIN look-up. The bank will give you the VIN car number. All you have to do is enter the VIN into a reverse VIN look-up system to get the owner's address. Many times the lender will have the creditor's address.
- 4). Scout the address to locate the vehicle and plan the repossession. Match the VIN number to make sure you are repossessing the right car. You may take the car at any time, but to avoid conflict, attempt to repossess the car at night when the owner is asleep or during the day when the owner is away from the car. Another option is to take the vehicle when the owner is at work or at any public place where he is occupied for an hour or more.
- 5). Open the car door with your key and drive it to your holding facility. Tow the vehicle using a tow truck if you couldn't obtain a key. Once you have obtained possession of the car, contact the bank to transfer the vehicle to its possession. A representative will arrange to pick up the vehicle, most likely sending it to auction.
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