Repossession
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seizure of collateral securing a loan in default. Repossession occurs most often when other attempts to persuade the borrower to make payments that are past due fail to cure the loan delinquency. In most jurisdictions, repossession of collateral in which a lender has a security interest is done by obtaining a deficiency judgment or court order authorizing the lien holder to reclaim the property.
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Industry Associations
American Recovery Association
Independent repossession agencies that recover collateral on defaulted installment contracts for lending institutions including banks, credit unions, finance companies, leasing companies, and savings and loan associations. Offers services throughout the ...
Members: 500
Founded: 1965
Dues: individual, $600-$1,300 annual.
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