Repossession of Industrial Equipment

No matter how careful lenders are when making loans to companies for the purpose of purchasing or leasing industrial equipment like tools, industrial gear and specialized industrial vehicles such as forklifts, sometimes a company fails to make payments. In addition, some companies use equipment they own as collateral when financing for non-equipment reasons. But even the most rigorous due diligence on the part of the lender cannot prevent occasional defaults. When that happens the lender will repossess the equipment and then auction it or re-market it to recoup as much money as possible to pay the debt.
 

Lenders seek out professionals who specialize in repossession of industrial equipment. Professionals are used because they are familiar with the various state laws that govern industrial equipment repossession as well as the appropriate techniques for recovering complex equipment and machinery. Imagine a company that has leased a complicated centrifugal wash for its line - to properly remove it without damaging it an experienced crew that includes plumbers and electricians are needed. If a fork lift or fleet of fork lifts are being repossessed then experienced drivers are needed. Damaged or destroyed equipment is valueless to the lender as it has no residual value except as scrap.
 

Lenders do not want the expense of removing, storing and disposing through sale repossessed industrial equipment. It is far less costly to use an experienced industrial repossession company that is capable of providing all these services.
 

The best national firms have trained recovery personnel, a secure place to safely store the equipment that was recovered and experience in auctioning the recovered equipment or finding buyers for it. Firms that are licensed and insured provide multiple layers of protection for the lender to avoid costly litigation.
 

The best types of recovery service to use is one that is "full service" and can handle recovery of:

• Industrial Equipment
• Medical Equipment
• Heavy Equipment
• Agricultural Machinery
• Restaurant Equipment
• Heavy Trucks
• Automobiles
• Other Business and Personal Assets
   

By using a national firm the lender is assured that all recoveries follow the same protocols and are handled in the same careful manner. There is no need to waste time seeking out licensed and insured recovery services in different regions of the country.

The service provided by the best national industrial recovery services include:

• Storage of Collateral
• Re-marketing of Collateral
• Pre-loan Evaluations
• General Salvage
• Business Facility Clean-Up/Outs
• Recovery/Collection Consulting
   

Lenders make the most profit when their clients pay their bills as promised. When they don't, a good recovery service is instrumental to mitigating any losses.