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Motor Vehicle Repossession Agreement

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Motor Vehicle Repossession Agreement Powered By Docstoc
					This is an agreement between a creditor and a collection agency for the repossession of
a vehicle. The creditor repossesses the vehicle from the debtor due to unpaid payment
obligations. Under this agreement, the collection agency acts as the creditor’s exclusive
repossession agent and the creditor cannot appoint any other collection agency. This
agreement should be used by individuals or entities that want to appoint an exclusive
collection agency for the repossession of a vehicle because of unpaid payment
obligations.
         MOTOR VEHICLE REPOSSESSION AGREEMENT

This Motor Vehicle Repossession Agreement (hereinafter referred to as the “Agreement”) is
made and entered on this _______ day of ______________, 20___ [Instruction: Insert Date] by
and between: ___________________ [Instruction: Insert Name of Creditor],
_________________________ [Instruction: Insert Address] (hereinafter referred to as the
“Creditor”), and ___________________ [Instruction: Insert Name of Agency],
_______________________ [Instruction: Insert Address] (hereinafter referred to as the
“Agency”)

WHEREAS the Creditor is in the possession of many retail installment agreements, granting
liens on automobiles;

WHEREAS the Creditor desires to avail Agency’s exclusive repossession services in the event
that the Creditor’s contract debtors (“Debtors”) fail to repay the installments and the Debtors are
in breach of their retail installment agreements; and

WHEREAS, the Agency desires to perform such repossession services;

NOW, THEREFORE, for good and valuable consideration, receipt and sufficiency of which is
hereby acknowledged, and in consideration of the promises and covenants hereinafter contained,
the parties hereto agree as follows:

1. TERM

This agreement shall commence on the date first hereinabove written and shall continue for a
period of __________ (___) years [Instruction: Insert Term].

2. TERRITORY

Agency shall act as the exclusive agent of the Creditor in providing such repossession services
throughout the __________________________ [Instruction: Insert Territory].

3. COMPENSATION

As compensation for the Agency’s repossession services, the Creditor agrees to pay the Agent in
the amount and on the terms and conditions set forth in Exhibit “A”, attached hereto and
incorporated herein.

4. AUTHORIZATION

The Agency shall repossess only those vehicles which are authorized by the Creditor in a writing
that specifies: the (A) vehicle make, model and year; (B) the Vehicle Identification Number
(VIN); and (C) Debtor’s name and address. Agency shall not release any such repossessed


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vehicle to any person other than Creditor or to a third party designated by Creditor in a signed
writing.

5. METHOD OF REPOSSESSION

    A. Agency shall repossess the vehicles, without creating a breach of the peace, and in
accordance with any applicable laws or regulations. In the event that any repossession cannot be
accomplished without a breach of the peace, Agency shall immediately notify Creditor and shall
discontinue attempts to repossess unless the Creditor authorizes the same.

    B. While taking custody of the vehicles, Agency shall use all possible care to protect and
safeguard the vehicles, and shall deliver the same as directed by the Creditor, at Creditor’s
expense, in the substantially the same condition as received, excluding any reasonable and
ordinary wear and tear.

    C. In the event that any vehicle which is repossessed contains personal property of the
Debtor, Agency shall have 2 persons witness a complete inventory. A copy of such inventory
shall be provided to Creditor. Agency shall release such items of personal property to the Debtor
upon execution of a receipt of the same.

6. REPRESENTATIONS, WARRANTIES AND INDEMNITY

   A. Agency represents and warrants to Creditor that:

     i.  Agency has the complete power and authority to enter into this Agreement and this
Agreement constitutes a valid and legally binding agreement enforceable against the Agency;

     ii. Agency is in good standing in the state of Agency’s incorporation and is qualified to
do business as a foreign corporation in each of the other states in which it is providing Services
hereunder;

     iii. Agency shall secure or has secured all permits, licenses, regulatory approvals and
registrations required to render the services set forth herein, including without limitation,
registration with the appropriate taxing authorities for remittance of taxes;

     iv.   Agency’s services hereunder shall be performed in a timely and professional manner
and shall conform to or exceed, in all material respects, the specifications described herein, as
well as the standards generally observed in the industr
				
DOCUMENT INFO
Description: This is an agreement between a creditor and a collection agency for the repossession of a vehicle. The creditor repossesses the vehicle from the debtor due to unpaid payment obligations. Under this agreement, the collection agency acts as the creditor’s exclusive repossession agent and the creditor cannot appoint any other collection agency. This agreement should be used by individuals or entities that want to appoint an exclusive collection agency for the repossession of a vehicle because of unpaid payment obligations.
This document is also part of a package Automotive Lease Agreements 5 Documents Included