An example of good repossession circumstance is as follows: Alice borrows $10,000 out-of Bob and you will claims their own automobile as collateral. It sign a security agreement one to states one Alice often pay Bob in monthly obligations from $five hundred, and that Bob provides the to repossess the car in the event the Alice misses two consecutive money. Alice doesn’t shell out Bob for a few days. Bob employs an excellent repo representative to help you repossess Alice’s car. Brand new repo agent discovers Alice’s car left on the a community roadway and hooks it up to a pull vehicle. Alice observes so it and run off of their particular domestic, shouting and you can cursing during the Bob plus the repo broker. She tries to enter their particular auto and prevent all of them from taking it out. The newest repo broker calls law enforcement and you will drives out which have Alice’s car.
