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The repossession, or collateral recovery business, deals with reclaiming property such as vehicles, when buyers fall behind on their agreed-upon payments. A repo man is generally employed by financial institutions to acquire possessions in accordance with the violation of a purchase or credit contract. The seller arranges for the repossession agent to repossess an object if the agreement or contract signers are past due on installment payments. Some states require that repo men be licensed, while others do not.
Connect with Repossession Companies
Contact repossession companies and agencies located in your community to inquire as to employment opportunities. Some firms may have apprenticeships and training available. Ask if the firm hires trainees and ask about licensing requirements. License requirements will vary by state. A repossession firm will need to comply with whatever license requirements are in place in order to do business. Because of this, connecting with them is a logical way to find out about licensing.
Research Repossession Business Laws
Find out about, research and learn the repossession laws for your particular state. Many, but not all states have requirements concerning individual repossession agents. You may need to have your own state license in place, whether you work independently or with an agency licensed by the state.
For example, the State of California requires that any individual, partnership, or corporation seeking a license is 18 or older and submits to a criminal history DOJ and FBI background check. Applicants must also have two years of experience, including five years as an employee of a licensed agency or two years of recent related experience. The applicant must also pass a two-hour examination that covers the Collateral Recovery Act and the mandates concerning related laws, citations, business and other proceedings.
Study in the Repossession Field
Locate courses to take in the repossession field, such as online books or other training. While attending classes or studying, you can find out further about certification and licensing from those you study with or who have experience in the field. Many companies offer courses affiliated with private investigation that can also serve as courses of study for repossession services. Online websites, such as Repo 101, offer insight into collateral recovery training that includes information about state licensing requirements and contacts, how to determine a specialty, clients, employers, skip tracing and basic forms that are all used in the repossession process.
Apply for Repossession License
Fill out an application that is designed to obtain a license as a repossession agent in the town or city in which you live. Be aware that some states require an affiliation in some way with a reputable and registered repossession agency and report to a qualified manager, such as an owner or partner.
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