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September 26, 2011updated 12 Apr 2017 4:11pm

Collections Nightmares

Ever found yourself at the bottom of a Lancashire quarry in the rain to collect a JCB, only to discover no one has the papers necessary to move it? Perhaps you've turned up at a construction site to collect scaffolding, only to find five other lessors there to do the same and no way to tell whats yours and what's not? We at Leasing Life are looking for the worst collection tales from the UK and Europe for this very diary page, so get in touch if you have a horror story worth sharing or perhaps a leasing myth youve heard.

By Leasing Life

Collections Nightmares logoEver found yourself at the bottom of a Lancashire quarry in the rain to collect a JCB, only to discover no one has the papers necessary to move it?

Perhaps you’ve turned up at a construction site to collect scaffolding, only to find five other lessors there to do the same – and no way to tell what’s yours and what’s not?

We at Leasing Life are looking for the worst collection tales from the UK and Europe for this very diary page, so get in touch if you have a horror story worth sharing or perhaps a leasing myth you’ve heard.

Company names and sensitive details can, of course, remain anonymous. We look forward to sharing your woes.

 

Simon Corbett of Siemens Financial Services still wakes up at night in a cold sweat over these experiences.

“I was sent to repossess an oven from a fish and chip shop, except on closer inspection the oven was leased along with the entire kitchen – aluminium, units, burners, grill, deep fryers the lot – which were all located in the basement.

“I also repossessed a car, which had several dead pigeons (and other game) in it.

“I presume they had been shot with the two, what turned out to be, unlicensed shot guns… also in the boot.

“Another time, I was sent to collect a car from a location in a military area to find it was actually in the army base (paratroopers, no less).

“The hirer had given me the road address but omitted to tell me exactly where it was.

“The MPs (fully armed) had some sport with me, but I knew the gate sergeant so in the end the hirer was summonsed to give me the keys and the car!”

 

Meanwhile, E. Terry Jaramillo, managing director of Capital Interfunding in the US, recalls a trip to the Caribbean he won’t lightly forget.

“I was retained to assist a client in the assessment of collateral value and assist in the repossession of collateral of four commercial aircraft in the Dominican Republic.

“The lessee had defaulted on its loan payments to the bank, and a lengthy legal process ensued. The ability to foreclose on collateral varies from jurisdiction to jurisdiction, and this was no exception.

“The actual repossession became more ‘interesting’ when the owner of the airline showed up with armed associates and attempted to intimidate us.

“Fortunately, my in-country partner had retained local police and members of the military to assist us, together with the notary public in executing the repossession order. Someone mentioned that this may have been the first successful repossession of an aircraft in that country (unconfirmed).

“I hope I never have to do that again.”

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