Repo by Dealer

[NotTheRepoMan]

What is the name of your state? Florida

I am the owner of a small used car lot. When a client defaults on their account, and qualifies for repossession. Am I required to hire a repossession service to get the vehicle, or can I pick it up myself? I have each client sign a Right of Repossession Agreement stating I, "have the right to take the vehicle back without the necessity of a court order or any judicial process." I'm not concerned when it comes to the terms of the client contract, I am wondering if there is any Florida Law that prevents me from doing this. Thank you all for any and all advice.

 

[Zigner]

What is the name of your state? Florida

I am the owner of a small used car lot. When a client defaults on their account, and qualifies for repossession. Am I required to hire a repossession service to get the vehicle, or can I pick it up myself? I have each client sign a Right of Repossession Agreement stating I, "have the right to take the vehicle back without the necessity of a court order or any judicial process." I'm not concerned when it comes to the terms of the client contract, I am wondering if there is any Florida Law that prevents me from doing this. Thank you all for any and all advice.

This is important enough that you ought to seek an opinion (in writing, preferably) from a local attorney.

 

[NotTheRepoMan]

Okay, I appreciate the advice. Thank you.

 

[PayrollHRGuy]

Are you the creditor? In other words, do you tote the note?

 

[NeilTheCop]

I'm very surprised that you do not already have an attorney on a retainer, especially in such a litigious industry as used car sales.

 

[NotTheRepoMan]

Are you the creditor? In other words, do you tote the note?

I am the creditor, yes.