How Much Persistence Goes into a Car Repossession in Canada
Repo men and women have no problem returning again and again to try and nab your car. It’s their job. A car repossession in Canada is not to be taken lightly, and what you’ve seen in movies or T.V. shows about repo people isn’t fiction – they’re very, very persistent.
If you stopped making payments, for whatever reason, starting back with them will bring the car repossession process to an end. Of course, it’s not easy to do so. However, there ways to stop being the target of repo people, even if you’re struggling to make payments.
But let’s first talk more about these silent stalkers…
The Car Repossession Process: A Game of Predator and Prey
Repo people won’t lay a finger on you, but they do have the persistence of a tiger hunting a deer. If they’ve been sent out to get your vehicle, they’ll keep on looking for the right moment to snatch your car. A large part of the car repossession process in Canada involves close and careful watching. Only after do they take action.
The Ways of a Car Repossession Agent
There’s a reason why people go to crazy lengths to avoid meeting a repo truck face to face. What you have to understand is that a confrontation with these people is non-negotiable – the time to do so was before they were sent to get your vehicle.
They’re not necessarily evil or mean people, they’re just doing their jobs. In fact, many of them may wish they didn’t have to take cars away from the families who rely on them. But if you can’t pay for your car, you can’t keep it.
When the Repo Man Lurks Around the Corner
- “Skip tracing” – Repo people are good detectives, using online databases to find people who are trying to evade the banks and lenders. Sometimes, they’ll have to take the old-fashion approach of making phone calls and knocking on doors. There are even informants at times. These tactics may seem unethical, but they are legal and perfectly understandable. After all, no one gets a free pass when it comes to paying bills.
- People watching – Now this is where things get interesting. When people fear they’re about to have their car repossessed, they’ll hide it in a garage, or keep shifting its location so that the repo man gets confused. So the repo people have to keep track of such individuals. In the moment when there’s an opportunity to seize the vehicle, the repossession has to happen.
- Remaining calm – Remember the expression, “don’t shoot the messenger”? Well, many people literally ignore that phrase when the repo guy comes along – some actually shoot at them! If they’re not getting shot at, they’re facing verbal abuse, or physical assault. Repo men are merely “messengers” since they’re doing a task that’s initiated by financial institutions. Despite all of this, they have to remain calm and non-confrontational.
Paying Your Dues
So how do you keep the repo people away? On the surface, it’s simple – you make your payments. But how can you do that when debts and responsibilities stand in the way? There are few tricks to get around this problem.
Speak to your lender
It’s true that lenders will have a limit in terms of sympathy, but they’re not as cold as you might think. These companies can make an agreement with you if some challenge stands in the way of you making your car loan payments.
For example, if you had a sick family member or just experienced some natural disaster, there could be a degree of understanding. But you have to inform the lender. Don’t assume they’ll know about your circumstances based on guesses alone. You have to speak up!
Make adjustments if possible
You can make changes in your budget to make bill and loan payments easier. But you have to stay committed and ask yourself some important questions. Are you spending too much on a particular activity, hobby or non-essential item?
Maybe your coffee budget can shrink a bit. Maybe you can carpool and take the bus or walk a bit more? All of these are ideas that can open your up budget so that it’s easier to make payments for an auto loan and prevent a car repossession.
Here’s another thing you have to do: stay employed for long as possible. It’s true that these times are uncertain. You can’t change the state of the economy, your industry or your company. But there are some things you do have control over – sticking to a job is one of them.
You might feel it’s the right time to quit a stressful or unfulfilling job, but that’s not a good idea if you’re struggling to pay off a car loan. Before jumping ship, think about the struggles you could face long term. Your job might drive you crazy, but at least it will pay for your vehicle.
Pay the Price Now, or Pay More Later
So yes, repo men and women are not the type to give up too easily. It can seem like bad news if you’re suffering with credit issues, and worry about a car repossession. The most important thing to keep in mind, however, is that any payment you can make towards your car loan is better than none at all.
The payment that seems too hefty now, will be nothing in comparison to the price you’ll have to pay if your car ends up in the impound lot. So always think about that fact ahead of time. The impact of having a car repossession in Canada on your credit profile isn’t worth the trouble.