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  • Theft and the Reputation of Your Repossession Company

    Theft and the Reputation of Your Repossession Company


    Repo Agents Are Already Stealing For A Living
    Theft is the can be one of the hardest problems to deal with in the repo industry. I never could understand why agents that were making $2000 a week would even be tempted to steal property from a debtor’s vehicle. For some reason, some agents still can’t resist pocketing personal property. I think that my company had a low incident of theft and I tried to minimize it as best as I could.

    How do you know if you have a theft problem?...
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  • Family Time and the Repo Man

    Family Time and the Repo Man


    Family Time

    This is a subject that none of us tough repo men like to talk about! It does need to be addressed, because neglecting your family can result in an outcome that you will not like.

    We have all been there. You are sitting down to a family dinner or just about to watch your son pitch the most important game of the season and then the phone rings. The car has been spotted or one of the agents that work for you is in a pickle. Whatever it is, you are expected to drop...
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  • Getting Clients in The Repossession Industry

    Getting Clients in The Repossession Industry


    Getting Clients in The Repossession Industry

    In my opinion getting clients in this industry is easier than keeping them. I believe that almost every lender is contemplating dumping their current adjuster and bringing on a new repossession company. If they are not thinking about it today, there is a good chance that they will be tomorrow. The key to getting business is to always be promoting your business.

    I would call potential clients at least once every month. You should...
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  • Police Relations

    Police Relations


    Police Relations
    I have seen many repo agents that just can’t get along with the police. They look at the police with an “us and them” and it is one of the greatest mistakes that can be made. It is up to you, but I would rather have a good working relationship with police departments, than to be constantly butting heads with them. Your relationship with the police can either hurt you or help you. If you are on a friendly basis with police personnel, then I can assure you that it will...
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  • Repossession Agent's Interaction with The Police

    Repossession Agent's Interaction with The Police


    Building Relationships With Local Law Enforcement Agencies

    Repossession agents have contact with police departments on a daily basis. Agents either have to drop off a hard copy of the repo order to the dispatcher or they have to call the police department with the information from repossession. Since you have to deal with the police so much, I urge you to become friends with the law. Being known as a professional repossession company that is supportive of the police will make your job...
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  • Your Repossession Office

    Your Repossession Office


    Operating A Professional Repossession Office

    No matter what happens in the field with your agents, your office will always be on the front line with the lenders. Your agents will rarely have interaction with your clients, unless a debtor calls the lender and puts the agent on the phone with the collector. The professionalism of your company will be revealed each day from the time the bell rings until quitting time. Your office will set the tone of your whole company. If they...
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  • Multiple Streams of Profit Available In The Repo Industry

    Multiple Streams of Profit Available In The Repo Industry


    Maximize Your Profits Through Multiple Streams Of Income
    Today I want to talk about how to maximize your profit and also add manpower and equipment to your business that pays for itself. Repossession work is one stream of income that is available to you. You get paid for voluntary and involuntary repossessions. You can make money on storage fees and sometimes charge the client for making keys. There are other areas in the business that can pump up your profits. I wanted to offer my...
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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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