* Further attempts: The repo agency will likely make further attempts to locate the vehicle. This could involve revisiting the location at different times of day, using different approaches, or conducting surveillance. They might even try to contact the debtor again for its location (though they aren't obligated to).
* Legal action: If the vehicle remains unlocatable after reasonable attempts, the lender will likely initiate legal action. This could involve filing a lawsuit to obtain a court order allowing them to pursue the vehicle more aggressively, possibly including things like seizing other assets or garnishing wages. A court order can significantly expand their ability to locate the vehicle.
* Writing off the debt (unlikely): In rare cases, if the car is truly and demonstrably unfindable and the cost of further pursuit outweighs the value of the vehicle, the lender might write off the debt. This is uncommon, especially with newer or more valuable vehicles.
* Referral to a skip tracing agency: Specialized agencies that track down people and assets are often used to locate the vehicle and/or the debtor. This adds cost to the recovery process.
* Waiting for the debtor to come forward: The lender may wait, hoping the debtor will contact them and reveal the vehicle's location.
The lender's actions depend on factors like:
* The value of the car: A more expensive car will be pursued more aggressively.
* The amount of debt owed: A larger debt makes it more worthwhile to pursue recovery.
* The debtor's credit history: A debtor with a history of non-payment may face more aggressive collection tactics.
* The terms of the loan agreement: The contract itself may dictate specific procedures for locating a missing vehicle.
In short, a missing car doesn't mean the end of the repossession process. It simply makes the process more difficult and potentially more costly for the lender, leading to more aggressive and expensive methods of recovery.
