Answer only if you have experience in car repos please.?

Question

Is there a statue of limitations regarding car repo????

How long will a bank or finance company actually pay repo people to find your car? At any point do they give up or maybe sell the title to a private party that can spend more time in finding it? How much time will they put into finding a car before it just isn't worth it to them anymore? Or will it always be on a list for repo? Any feedback from anybody with personal knowledge on the steps taken to retrieve cars for finacial institutions.

This is not a question being asked for personal gain, and has no criminal intent behind it.

Newer vehicles are being made with "payment Boxes" inside, if payment late this box will be able to shut down cars and not start until payments are brought up to date. If this becomes a requirement in all new vehicles do you feel it will replace repo people?

Answer 1

I run a new car dealership and banks will call us to get any information we may have on a mutual customer that is out for repo.  They will call the customers references on the credit applicatioin and are pretty crafty about getting information from them.

Different banks have different amounts of effort to put into repo's.  Banks who deal with credit profiles who are more likely to repo will have more resources and experience find the vehicles.

Payment boxes are not new "buy here pay here" dealers use different devices to keep close eyes on their high risk customers.  I think if more people had these on their cars the repo rate would go down.  Not sure which states it is legas to use but if I were a "buy here pay here"  I would use them at my dealership.

Answer 2

That is different in every state, Colorado is 8 years.