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  • Repossessions and Collateral Damage

    Repossessions and Collateral Damage


    Accidents Happen

    Repo agents are often dealing with volatile situations that put an enormous amount of stress on them. There are times when they are snatching a car from a tight space. Many times agents are driving at night and are sharing the road with sleepy drivers, drunk drivers and have their sight hindered by the darkness. If you are going to be in the repossessing business, then you must come to terms with the fact that accidents are going to happen. Collateral is going to get...
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  • Handling Personal Property

    Handling Personal Property

    Personal Property
    Repossession companies have to be careful with personal property that is found in the cars they pick up. If property is mishandled, damaged or lost, it could cost your company money. You need to make sure that you follow your state laws as well as the lender’s contractual agreement with you when it comes to personal property. You need to do a detailed inventory of all personal property found in the vehicle. Place all of the personal effects found in a cardboard box and label...
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  • Give Back to the Community

    Give Back to the Community


    Repossession Companies Can Donate To Many Worthy Causes

    I do no think that I can neglect this area in the writing of articles on how to build a successful repossession company. I truly believe the statement “what goes around comes around”. If you are a dirty player and always out to hurt people, you will get it paid back someday. Those paybacks can really hurt. Being a business owner is a big responsibility in more ways that one. Sure it is difficult to manage employees, keep your trucks...
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  • Lenders and Their Recycled Repossession Orders

    Lenders and Their Recycled Repossession Orders

    "Old Paper"
    Lenders have a tendency to pass old orders around to different auto repossession companies. Every veteran agent has been through it when they talk to a debtor and they hear “I told the other guy I would pay” or “Are you with – insert your competitor’s name here”. Immediately you know you have a repossession order in your hand that someone else has worked.

    I often wonder if the lenders do this to see if agents are working accounts or if they do not trust us....
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  • Replevins and the Auto Repossession Business

    Replevins and the Auto Repossession Business

    The Replevin
    Sometimes, no matter how much effort you put into repossessing a vehicle, you just can’t get it. The debtor sometimes will hide the vehicle or keep in a locked garage or building. The repossession agent can make an untold amount of visits to the debtor’s residence and still be unsuccessful. The agent performs a multitude of door knocks and the debtor tells him to get lost or that he does not know where the vehicle is. Often times the collateral that the repoman is looking for...
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  • Cost of Owning an Auto Repossession Business

    Cost of Owning an Auto Repossession Business


    Looking at the Cost of Business

    The auto repossession business is by no means a cheap business to be in. There are many costs that come to mind immediately and then there are some costs that I really have to think about. Those costs tend to add up quicker than you think. If you are going to be in this business, you need to keep costs down and shop around for the best deals on everything.

    One of the largest expenditures in the auto repossession business is your wrecker....
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  • Lying Debtor?

    Lying Debtor?


    The Voice of Truth or Not?

    If you have worked in the auto repossession business for more than a hot minute, I know that you have spoke to a debtor or one of his relatives and asked yourself, “Is this guy telling the truth?” We always here the same old stories - “I have not seen Junior for months” or “He moved out of state” or the debtor giving you the $400 promise of “I will turn over the car in the morning”. Of course, the account gets canceled in the morning because the truth was...
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  • Do You Want to Repossess More Cars?

    Do You Want to Repossess More Cars?


    Be Positive All the Time

    I am no Anthony Robbins, but I am a pretty optimistic person. I think that one of the biggest problems found in the auto repossession business is negativity. From the owner to the office staff to the repossession agent working the streets, there is a constant "doom and gloom" attitude. Just take a look around your office when you go to work tomorrow. Is your office staff looking depressed and complaining? Are your agents moaning and groaning about...
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  • Updates: A Repo Agent's Nightmare

    Updates: A Repo Agent's Nightmare


    Accurate Updates Will Mean More Repossession Business

    Clients like to get updates so they are aware of the progress you are making in trying to locate their collateral. Let’s face it, although most of us are hardworking, there are some very lazy repo agents out there. One bad experience with a repo agent will stick with a collector for their whole career. Right or wrong, we are quite often judged by the actions of our peers. We need to constantly be proving ourselves to our clients...
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  • Auto Repossession Industry Lingo

    Auto Repossession Industry Lingo


    Words Every Repossessor Should Know

    There are a ton of terms you are going to hear in the auto repossession industry. Some you will hear every day, some you will only hear once, but it is important that you know what they mean so you do not look unprofessional. I am going to list some auto repossession terms and their definitions as well as some abbreviations and their meanings.

    Adjuster - this is an old school term that means repossessor.

    Charge off - a declaration...
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  • Auto Repossession Company Licensing By State
    BRADMIN

    Requirements by State

    The majority of states do not have any licensing requirements for auto repossession companies and auto repossession agents. There are some states that have specific licensing agencies for the auto repossession industry, while other states license auto repossessors through other various governing bodies that may or may not relate to the auto repossession industry. These governing bodies are often private investigation licensing boards, towing regulators, the states...
    12-28-2018, 11:28 PM
  • Becoming a Licensed Repossession Agent in Louisiana
    BRADMIN

    Get Ready to Jump Through Some Hoops

    You must obtain a state license to operate an auto repossession company in the State of Louisiana. The application fee is $400.00 and there is also a $45.25 fee for the criminal background check. Make payments payable to the "Office of Financial Institutions" by check or money order.

    You must have two years experience in the auto repossession industry in the last three years prior to applying for a license. You must have been...
    12-28-2018, 11:25 PM
  • Nevada Auto Repossession Licensing Requirements
    BRADMIN

    Nevada Auto Repossession Licensing Requirements

    The Nevada State Private Investigators Licensing Board was established in 1949 by the Nevada State Legislature. This state agency is responsible for issuing licenses to auto repossession companies doing business in Nevada. Chapter 648 of the Nevada Revised Statutes mandates the board to regulate the standards of conduct for the profession, investigate complaints, examine, audit and take disciplinary action against licensees who have violated...
    12-28-2018, 11:23 PM
  • Michigan Licensing Requirements For Repossession Companies
    BRADMIN

    Michigan Licensing Requirements for Repossession Companies

    If you are going operate an auto repossession company in Michigan you need to obtain a collection agency license through the Collection Practices Board Office. Each office that you operate is required to secure a license and each office must have a licensed manager supervising the operations of the office. A collection agency manager license requires the manager have a high school diploma or equivalent, six months full time...
    12-28-2018, 11:22 PM
  • Maintenance and Repairs of Your Repossession Equipment
    BRADMIN

    Care Of Your Repo Company's Biggest Investment

    Your trucks are by far are your biggest investment. Doing regular maintenance on your equipment will help them to last a long time. This not only includes oil changes, transmission maintenance and greasing the wheel lift, but it also includes keeping the cosmetics of the vehicle looking good. I think that I had the nicest fleet out of all the towing and repossession companies in my area. My drivers grasped the ideal that their truck was...
    12-28-2018, 11:20 PM
  • Tools Every Repoman Needs
    BRADMIN

    Must Have Auto Repossession Tools

    Have you ever been out repossessing cars and finally found that account you have been chasing for weeks? It would be a big let down if you suddenly realize you don't have the right tool needed to effect the recovery. This article will hopefully give you a comprehensive list of tools you need to have on hand to be successful in the auto repossession business.

    I have seen a slew things done by auto repossession agents that were not prepared...
    12-28-2018, 11:16 PM
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