Recovering Fitness Equipment
Fitness Equipment Asset Recovery
When borrowers start falling behind on payments for financed fitness equipment, lenders need to develop an action plan for fitness equipment asset recovery. Some finance agencies may think that their best course of action is to continue to pursue borrowers for the money they are owed. This single-minded focus can cause them to completely overlook other approaches to recover their investment value.
The Covid-19 pandemic has placed many gyms and fitness businesses who were previously running efficiently into a precarious position. As they struggle to stay in business and define new ways to operate, some may need to reduce overhead and could opt to thin out the available equipment to allow for enough space within their facilities to be able to operate safely. Others may not be as lucky and may face the closure of their business. Whatever the circumstances, lenders will need to chart their own course to remain solvent and able to help businesses as the economy strengthens.
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Reclaiming Assets Instead of Pursuing Payment
Finance agencies with clients facing financial difficulties have multiple options for how to proceed. Some borrowers may be happy to work with lenders and participate in voluntary repossession. While this represents a positive outcome, there is still a good deal of work to be done before the lender recovers the value of their investment. The process of managing the logistics of disassembly, transport and re-marketing requires someone with experience and expertise to get the job done right.
Other borrowers may not be willing to voluntarily surrender assets when requested, and the path of involuntary repossession may be necessary. When faced with the challenge of a non-cooperative borrower, how should a finance agency choose whether to move forward with fitness equipment asset recovery or to pursue financial compensation?
Asset Valuation
Understanding how much value can be recovered through the repossession and re-marketing of the financed equipment should be a key factor in the decision of how to move forward. Not all fitness equipment is created equal. Knowing the impact that different brands and styles of equipment can have on re-marketing potential is vital to getting a realistic picture of what can recaptured asset value can be.
Asset Recovery Company can help you make smart choices by providing you with a Free Appraisal of the financed equipment. Our experts understand the fitness equipment market and can provide you with accurate estimates of the value that can be recovered. We will also walk you through the fitness equipment asset recovery process so you can make an informed decision on your next steps.
High Value Fitness Brands
Precor
Cybex
Life Fitness
Nautilus
Concept2
Freemotion
Hammer Strength
Rogue
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Asset Recovery Company
Location
47 S Main St #165
Manheim, PA 17545
Hours
24/7/365
Contact Us
844-737-6463