How to become a car repossession agent
A car repossession agent recovers cars from people who have defaulted on their car loan and delivers the car back to the creditor. Although repossession agents are not the most popular people in society, they do fulfil a vital function for banks, car dealerships and finance companies.
The job requires a person with good people skills, perseverance and the ability to think on their feet. During economic downturns the need for car repossession agents increases, but there is always a need regardless of the economy.
Contact your secretary of state or the attorney general's office to find out licensing requirements for your state. In his article "The Auto Repossession Business," Ralph Thomas, an expert in the field of private investigation and auto repossession, advises that some states require a private investigation license in order to be a repossession agent. You also may have to be insured and bonded.
Read the repossession law statutes for your state. Become familiar with both creditor rights and consumer rights regarding repossession. In many states, there are specific guidelines and rules that must be followed in order for the repossession to be lawful. You must be ready to follow these laws without exception.
Obtain training on skip tracing. In order to recover a car, you need to know how to find hard to find people. Car repossessing agents visit the debtor's job and contact references provided by the debtor when applying for the loan. They will even drive by homes of family around the holidays to locate a car. This skill set will make you invaluable as an employee or business owner.
Call or visit local repossession companies and request an interview to work for their company. Working for a repossession company will give you practical experience and teach you the ins and outs of the business. In some states, working as an employee for a company is required before you can start your own repossession business.
Become an independent contractor and start your own car repossession business. Join a national repossession and recovery association, such as American Recovery Association, which lends credibility and trust to your business.
Compile a list of bank collection departments, used and new car dealerships, buy here pay here car lots, car rental agencies, and loan companies. Market your services with sales flyers, phone calls and in-person visits. Invite the leads to a workshop to show them the value, knowledge and professionalism you provide as a repossession agent.