[dtw]

I worked in repossession for a few years. In NC, we are indeed required to report the repo to the local police.

Each state is different, but generally the lender has to provide the debtor with a chance to get the car back before they sell it in auction. 99% of the time, though, they require full payment on the balance of the note, plus reimbursement of the reposession fee they had to pay to the repo man, which is usually in excess of $500.


Banks are indeed patient. They are not in the business of buying and selling cars, thus they really hate to have to repo the car and deal with the inconvenience of auctioning it off. Having staff in place to do that costs them overhead.