Asset Recoveries

Frequently Asked Questions

Asset Recovery FAQs

Here are some of the most common questions that we get asked about asset recovery:

What are the steps to do a voluntary asset recovery?

This is otherwise called a vehicle surrender or voluntary surrender of an asset. The steps are:

  • Prove your ownership of the asset / collateral
  • Accept you cannot meet payments
  • Asset will be collected or surrendered.

How does repossession of a vehicle work?

There are five steps to legally recovering a vehicle:

  • Ensure that there is proven ownership of the asset.
  • Verify that there are no security interests held over the asset.
  • Present the legal repossession warrant to the debtor or person that we are collecting the asset from.
  • Execute upon the repossession warrant and remove the asset.
  • If applicable, the asset is released once the debt has been repaid.

What happens when a vehicle is repossessed?

Once we have removed the asset, it is held for 15 days to provide the borrower with an opportunity to settle the debt. The asset can be stored on our premises or off-site at an impound yard. If payment is not received in full within the 15 days, the lender has the right to sell the asset to recover any unpaid funds.

What will happen to me if my vehicle is repossessed?

With IPI Asset Recoveries, your vehicle won't be repossessed before we have a conversation and go through the other options you have for settling your debt. Although every situation is different, there is often a fair and affordable solution to ensure that you get to keep your asset and the lender receives payment.

Can a repo man break and enter in New Zealand?

Repossession agents have the right to enter any premises with a legal repossession warrant, even if it's locked. The property must then be left safe and secured upon exiting.

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