You get a mechanics lein on the vehicle.
1) send a certified letter to the owner at last known address, giving 30 days notice.
2) have police come and ticket vehicle for parking on private property.
3) set up a deal with a local tow company to remove the vehicle for you to their lot. It incurs storage fees and towing cost. If the owner does not show up to claim and pay for it, they can put a lein on it and it can be declared abandoned. The title passes to them.
If you are smart about this, and the car is worth any money, you will either buy it back from the tow company to sell for profit, or have the tow company agree to pay you a portion of its value should they gain legal ownership of it.
If this all sounds like too much trouble for you, push it out into the street and it will get towed by the city eventually.
Before you close on the property check with a lawyer to see what that is considered residential or commercial. There are very different rules for commercial than residential. On commercial leases you can are allowed to lock the tenant out. After they haven't paid in so much time you are allowed to sell the items for the pay you are owed. Residential is TOTALLY different. If it is residential you could for a rough 2-6 months depending on your states laws.
Call the loser who isn't paying.
Leave a message saying that you will be having a "everything must go" garage sale in one month if you don't receive payment (or he doesn't move his crap).
Would people PLEASE stop giving legal advice when they are (a) not lawyers or (b) even if they're lawyers, they're probably not lawyers in the OP's jurisdiction because there are 50 states + DC in this country and we don't know which one the OP is in?
Whether the processes you folks (quoted above) are describing would work in the OP's jurisdiction is totally unknown. It might not be possible (i.e. it might not actually extinguish the tenant's right to the property). It might be flat-out illegal, such that the renter could actually sue the OP. In most jurisdictions, "self help methods" (changing the locks when tenant stops paying, etc.) are not legal; you have to use the normal eviction process instead. In some places they're illegal for residential landlords but legal in certain circumstances for commercial landlords. In some places... I could go on and on.
Long story short, the only thing any of us can say here with any degree of accuracy is "you need to find out what the laws in your jurisdiction are--your best bet is to call a local landlord/tenant lawyer who represents landlords," and "you can't actually do anything until you're the owner, so it might be a good idea to try and persuade the seller or bank to get things rolling." We can also discuss our own anecdotes ("here's what I did when that happened to me"), but with the caveat that what we did may not be possible or legal where the OP is.
You are right. I'm not a lawyer. Nor did I represent myself as a lawyer. I wasn't giving legal advice, I was giving real world life advice, which can often be wildly divergent from proper legal advice.
Sometimes, you can get things done a lot more quickly, cheaply, and effectively without both sides hiring an army of lawyers and spending months in litigation (where, in the end, only the lawyers win).
In retrospect, my initial idea wasn't the best. I should have suggested giving the deadbeat a friendly reminder that you, as the new owner, can't guarantee the safety of his possessions (who can afford to pay for security when the guy ain't paying his bills?). It's a dangerous world out there, and thieves take things all the time. Bad things happen to good people (and people who don't pay their bills) and their "stuff." It's tragic, really.
But you're right. I'm NOT a lawyer, so to be safe, don't take my advice. To be safe, and perfectly legal, hire the lawyers and spend months in litigation. That's the proper thing to do.
Also, don't jaywalk or spit on the sidewalk, they're likely illegal acts in your community, and you don't want to break the law. And, of course, always drive within the posted speed limit. You don't want to run afoul of the law.
Anyway, I wish the OP the best of luck in court, following proper legal channels, in dealing with that deadbeat.