What legal qualifications or licenses are required to become a vehicle repossession agent?

In: Cars and Vehicles, Repossession [Edit categories]

[Edit]

The smartest way to get in the business is starting to work for another company. There are many laws and regulations that very from state to state, and if you are getting into it with no experience, chances are good you won't last. Work a few years for a local repo company as a driver, and as you learn what you need to do, it will be a lot easier to start your own company. Everyone on here that is wanting to repo cars, yea you can go get your license, get your bond, but the big question is, where are you going to get the finance companies that will give you accounts? You need to know what you are doing before you get into this business.

I would have to agree with the previous answer. There are many ways to get into the repo industry. Yet, once you get there, how do you succeed? Go work for another company. Find one in your area, get a truck, get a boom, and learn how to get into cars. Learn how to go without sleep and how to work for 14-18 hours straight. The job is a fun one at times, while at others you want to shoot yourself for getting involved. It's not a job that you can do half way... it's one that is all or nothing. TLC and other shows have made it look fun and somewhat glamorous with titles like "Stealing for a Living". I have never stolen anything in my life. I recover what others are stealing from lien holders and financial lenders. Rethink your decision and if you are serious, contact a local repo agency and see if any of their agents need drivers and go from there.

I agree with the previous statement. I am 22 years old and have been working in the collateral recovery industry since I was 16. In that time I have seen more than 100 agents come and go from the two companies I have worked for...the repossession industry takes a certain breed to succeed. Not just anybody can do it!

This depends on where you live.

In Florida and California, you have to be certified by the state. State permit etc. Other states, mostly wide open. It's NOT a very regulated industry yet.

In California you must be employed by an agency that is already licensed by the state. You must then be registered as a repossession employee for at least two years before you can qualify to take the state test to become a qualified manager. All agencies must have a qualified manager for each office.

In Pennsylvania, you contact the Pennsylvania Department of Banking for an application for Licensed Collector-Repossessor. License is required under Title 69 section 601. You have to file an application with a bond of $5,000, a $350 license fee, and fingerprints for a criminal history check. The annual renewal fee $250. The license is issued under the Motor Vehicle Sales Finance Act. Records are required to be maintain on business of collecting payments or installment sale contracts or repossessing motor vehicles. More details are in the Motor Vehicle Sales Finance Act.

In Maryland contact Maryland Motor Vehicle Administration, 6601 Ritchie Hwy. N.E., Glen Burnie, Maryland 21062. Tel:(410)768-7000.

In Alabama, Tennessee, Georgia, and Mississippi, all you need to do is notify the police after the repo has taken place, you do not want Bubba running you down. You need to treat the people with the same respect that would you yourself would expect. BS and finesse run the course when you are skipping someone. As for a truck you don't need it. I use a uHaul to pick up front wheel cars. Keep in mind you need to get a locksmith fast because the lender is paying for it.

In Washington State you do not have to be certified. (Surprising, considering how over regulated everything else here is.) The best advice I've heard is: DO NOT GET CAUGHT BEING UNDER-INSURED. These people are usually hot! And they will try and nail you any way possible, you will certainly find yourself defending your actions in front of a judge sooner or later. Know the law and cover your #$%!

Look up a repo company in the phone book, call them, and ask to come in for an interview with the boss/owner. Ask how to become a repo man and write down the facts you are given. Most people start by working for a company as an employee to learn the business from the beginning. Expect to NEVER have a week end off and get very little sleep and eat lots of greasy lousy food and sleep in the tow truck waiting for some skipper to came home from the bars, so you can make 60 bucks for the recovery of the car you have been chasing for 3 nights.Take a page from my book..............learn how to FIND people, as a skip tracer, and you will make more money and be able to work regular hours in a nice clean office , and you won't be attacked by some hillbilly with a gun.

Here are a few laws you might want to get familiar with if you wanna be a REAL recovery agent, in Oklahoma: http://www.lsb.state.ok.us/

Title 13. Common Carriers (179KB)

Title 14A. Consumer Credit Code (805KB)

Title 15. Contracts (777KB)

Title 12A. Commercial Code (2095KB)

Title 24. Debtor and Creditor (153KB)

Title 28. Fees (179KB)

Title 40. Labor (1200KB)

Title 42. Liens (269KB)

Title 47. Motor Vehicles (3472KB)

Title 59. Professions and Occupations (3332KB)

Title 60. Property (1225KB)

Title 72. Soldiers and Sailors (315KB)

All those answers are..for the most part correct! I am a female repossessor living in Valencia. I have been doing this for over 7 years and am now thinking about starting a repo business of my own. But from experience, I KNOW that most people who think they can start a repo business FAIL. Because they don't do it ....first hand....before they try and start the company. You need people you can trust to recover collateral and most of all, you need to have referrals from the lien holders. I myself, am lucky in that sense because many finance companies know who I am and know I am a great skip tracer, which results in recovery! So if you're gonna try this, be a repo agent first! It's not as easy as you might except, especially if you're in California, as I am...where the consumer laws are much more strict that other states!

My answer...................DON'T DO IT. Now that I have your attention, i will get right to the facts. Anyone can start a repo company. I am on my 3rd one now. It takes trust in at least one other person. The kind of trust that comes from knowing someone a while. Then it takes trusting yourself. Are you the kind of person that can go for hours while watching a home and waiting for someone who may or may not show up? Long hours in a thankless job. Know yourself and your partners before you start. Anyone can drive a wrecker and operate a boom. But make sure you have what it takes to be a real repo man (or woman) before you sink your time and money into it. Like I said, until you are sure, DON'T DO IT.....

The previous answer is pretty much how it is. I went on vacation recently and just so happened had info that one of the cars that I was looking for might be in my vacation spot, so it ended up being a working vacation with a family that was very upset with me...but I did find the car. :-)

I think the best step would be to apply for the job.

The agent must be licensed and the lender must receive a replevin judgment from the court before a vehicle can be recovered. The exception to the replevin order is the borrower signing a voluntary relinquishment of the collateral property.

Any state will want to have a way to TAX your profit, so yes you will need a license. $20-35.00. Plan how you do it.

In the State of Ohio, a Repossessor Lic. is not required. I spoke with the lic. dept. at 1-614-645-8366. You do on the other had need to know the laws, and UCC. Ohio TITLE STATE: Yes SECURITY INTERESTS: Shown on title held by lien holder. LICENSE REGISTRATION: Ohio Bureau of Motor Vehicles, Post Office Box 16520, Columbus, Ohio 43266-0020. Tel.: (614)752-7634. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. DOCUMENTS REQUIRED FOR PLATES: Remain with the debtor You might give the BMV a call to be certain. your biggest hurdle will be to find a company that will TRAIN you and hire you with no experience.

You need a business license and insurance. Some certification training will be a big help.

State of Texas - capitol.state.tx Texas
TITLE STATE: Yes SECURITY INTERESTS: Shown on title held by lien holder. LICENSE REGISTRATION: Texas State Department of Transportation, Division of Motor Vehicles, 4000 Jackson Ave., Austin, Texas 78738. Tel.:(512)465-7611. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. DOCUMENTS REQUIRED FOR LIQUIDATION: Repossession affidavit (D12-264) if Texas title; out of state repossession affidavits accepted. PLATES: Remain with the vehicle.

There doesn't appear to be a minimum education level to qualify as a recovery agent. Some of the best agents are the least "educated".

There really isn't a "such and such degree required". However, it takes smarts to do it successfully. Not any ol' joe can jump in a truck and "go repoin'". A lot of what is necessary is common sense and experience. My advice would be to find a local recovery agent and ask to tag along for a while. Be an apprentice at it.If you don't know what you are doing, you could get shot, beat up or sued. I have done repos for about 5 years now and never had any of those things happen because I took the time to learn.

I am also researching starting a Recovery Business as well, and the best I could find was to contact your state board of Private Investigators. That's where you get one in North Carolina.

It depends on what state you're in and what your CLIENTS want. call your state TAX commission for starters.

Depends on what state you are in. In NYC All you need is a place to store cars, Insurance, and a Business License

Work in the industry for a while, take a job with one of the existing companies and learn what's going on. You won't have any credibility if you just open a business. You'll have to start as an employee then you'll need to start small.

Answer

IF you need step-by-step directions to set up any type of business, you might want to consider working in that industry for someone else for a while to make SURE thats what you want to do. There is no way to cover all the possible maybes that can kill your business in book. The repossession industry is almost as lawsuit happy as the medical field.

First answer by Simplemary. Last edit by Simplemary. Contributor trust: 1285 [recommend contributor]. Question popularity: 161 [recommend question]