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Agents Rally For Regulation

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  • Agents Rally For Regulation

    http://www.komu.com/satellite/Satell...4-329f8fee3b75

    Agents Rally For Regulation


    COLUMBIA - Repossession agents are making more trips through Mid-Missouri, seizing vehicles from debtors who are behind on car payments.

    The back lot at Missouri Repossession Services in Columbia contains proof that the current economic crisis is affecting Mid-Missourians of all economic backgrounds. Luxury cars, motor bikes, farm trucks, and family vans, are all lined up to go back to lenders.

    "We've seen it probably, repossession increase 20 to 30 percent compared to what it was last year." Dave Miller of Missouri Repossession Services said.

    As repossession in Mid-Missouri increase, the industry remains largely unregulated. This lack of regulation may threaten the safety of repossession agents who comes to seize vehicles as well as the debtors who face repossession.

    Repossession agents don't need licenses in Missouri, so anyone can set up a business without meeting any state guidelines. Even the existing Missouri law on retrieval is unclear. Missouri is a self-help repossession state, which allows a creditor to seize a vehicle when the debtor hasn't paid. In taking the vehicle, agents can't "breach the peace" which is defined as "knowingly disturbing or alarming another person".

    "The definition of the law is so vague on this, that you really don't realize the you've breached the peace until it's tried in court," Miller said.
    On this trip, the debtor gave up his car peacefully, but Miller and his sons have faced their share of dangerous repossession trips involving irate debtors carrying loaded weapons or threatening to kill them. These situations happen when both agent and debtor believe they have rights to the vehicle. Miller says that bad agents who try to get vehicles by any means make the job more dangerous for the rest of the industry.
    Miller is lobbying to change the law with stricter regulations for agents, and more guidance on what breaching the peace means and how agents can seize vehicles.

    Joe Crider, Missouri supervisor of consumer credit, fields complaints from debtors about repossession agents and agrees that the law needs to be clearer.

    "There are probably some things in the law that could change as far as the rights of the consumer and the ability of the repossession agent to get the vehicle. There is a lot of uncertainty there. There really isn't a fine line there," Joe Crider of Missouri Supervisor of Consumer Credit said.

    Crider says the law could be interpreted as stopping an agent from taking a vehicle after a debtor has simply told the repossession agent to leave. While the law may be far from clear or complete when it comes to repossession, advocates for agents and debtors alike seem certain of one thing, it is the state legislature that must take steps to make this growing industry safe.

    "Now that we have a new governor,the election's over with, we're going to taking, following up with some of the representatives and hopefully see some of this in the next year," Miller said.

  • #2
    Scary that "agents" would be trying to help regulation. State or federal regulation is never good for business. They should be careful what they wish for. Anyone in Florida or California care to tell us how much state regulation has helped the industry? (or any other states with regs) Looking to the government will bring nothing but high costs and red tape. Outlaw companies will still be outlaws, and as such will always undercut professional agents.

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    • #3
      I think they think regulation will promote professionalism. They own repossession companies already and this will prevent every repo wanna be from opening up shop with know knowledge or experience. I see their thought, but I say keep the government out of your pocket as much as you can.

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      • #4
        I own a company already . The last thing I want is more regulation. As I said outlaws will still do repo's, and legitimate companies will pay the price. The way to keep bad apples out of the industry is through education of lenders and agents. Good service and professionalism prevail over the "fly-by-night" companies. It just takes time. That's my 2 cents worth anyway. Everyone stay safe.

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        • #5
          ^ I agree,

          No one needed to hold me by the hand and regulate me when I had my company. Show me the money is all the regulators care about. They want you to pay fees and be licensed by them so they can make some $$. I never joined any associations either. I was a lone wolf and my hard work and professionalism prevailed.
          List your auto repossession business in our directory

          Click here

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          • #6
            Are they thinking government regulation will bring about professionalism in the auto repossession biz?

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            • #7
              I can't imagine what the thought process is. Everyone I ever speak to in heavily regulated states say all it does is bring the government down on legitimate businesses. You know, the guy all ready registered with legal equipment and tax records. That's the only way the government knows your in business. They levee fines and penalties against those of us who operate above board. The people giving this business a bad rep. still run around working where they can. The rest of us end up paying for a large bureaucracies payroll. Profit margins are all ready tight enough. I say the pro's should be banding together to oppose regulation where ever the talk starts. That's why supporting associations that will lobby for our interests may be worth while. I know it's an individual decision but remember, what happens in one state sets precedent for other states to follow easily or adopt outright. Sorry to comment so much on this issue. Usually I just lurk. I feel strongly because, as repo companies we are all ready the whipping boys of the finacial insitutions. Expenses are high, profits can be low. I know many cases where unreasonable state regulation has cost good companies their business. Some how the bad guys seem to go unregulated or just change names and open up shop again anyway. Enough ranting from me. I'm fairly new to this site, so thanks for the oppertunity.

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              • #8
                Comment all you want. That is what the forum is for ranting and raving and serious talk as well as fun.

                Are some of these repo associations for regulation? It seems they are, but maybe I am wrong, Can you enlighten us ALSCO Phoenix?

                Can I call you AP for short?

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                • #9
                  Regulation is for birds. If you run a professional outfit, you will get business if you don't you may pull the wool over some clients eyes for a while, but in the end you will go out of business.

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                  • #10
                    Well as an alcso office, I am banned from any other associations.(by them, not by alsco) But as far as I know no repo association or group would be in favor of additional regulation(read tax). I believe that most lobby against exsisting unfair regulation and any future proposed. That would be some benifit of the dues you pay to belong. I'm sure they will claim to have other bennies as well, but I can't speak for them. I want to keep the bad element out of our business as much as the next guy. I just don't want governments "help". There is already a cry to stop self-help repossession in this economy, as more and more people face it. I have heard talk of requiring all repo's be court ordered. New or old in this biz, that's worth fighting against.

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                    • #11
                      sorry 'bout the signature line. I put that in last night. Didn't know it would show w/ each post. That's obnoxious. It's deleted.

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                      • #12
                        Leave it. Its your signature. Admin allows it!

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                        • #13
                          I put company name, addy, and numbers. No one wants to look at that with every post. It was six lines long. Obviously I'm new to posting.

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