Announcement

Collapse
No announcement yet.

Repossession Articles

Collapse
  • Filter
  • Time
  • Show
Clear All
new posts

  • 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...
    See more | Go to post

  • 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...
    See more | Go to post

  • 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?...
    See more | Go to post

  • 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...
    See more | Go to post

  • 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...
    See more | Go to post

  • 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...
    See more | Go to post

  • 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...
    See more | Go to post

  • 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...
    See more | Go to post

  • 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...
    See more | Go to post
There are no articles in this category.
  • Filter
  • Time
  • Show
Clear All
new posts
Please log in to your account to view your subscribed posts.

article_tags

Collapse

There are no tags yet.

Latest Articles

Collapse

  • Repo Agents Hate To Door Knock
    BRADMIN

    The Repo Man Is At the Door

    Nobody wants to door knock, they just want to steal the car. Repo agents always want more time to do a drive by and hope that the vehicle will eventual turn up. They do not want to scare the debtor into running or hiding the vehicle by tipping him off that he is up for repossession.

    There are several problems with that way of thinking. The first is that the vehicle is not showing anyhow and the second is that the debtor probably already knows...
    12-28-2018, 07:23 PM
  • Flacars con 2010
    BRADMIN
    Education
    This was my first time to attend a FLACARS convention and I have to say I was impressed! Everything was first class from the food, to the resort, to the seminars. There were seminars on proposed Florida legislative changes, fleet safety operations and the Fair Debt Collection Practices Act. LPR technology was presented by two vendors and there was also a collateral remarketing seminar. The highlight of the conference was an awesome skip tracing seminar, which was taught by Michele...
    12-28-2018, 06:28 PM
  • Repossessions and Collateral Damage
    BRADMIN

    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...
    12-28-2018, 06:25 PM
  • Handling Personal Property
    BRADMIN
    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...
    12-28-2018, 06:23 PM
  • Give Back to the Community
    BRADMIN

    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...
    12-28-2018, 06:20 PM
  • Lenders and Their Recycled Repossession Orders
    BRADMIN
    "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....
    12-28-2018, 06:16 PM
Working...
X