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What legal qualifications or licenses are required to become a vehicle repossession agent?


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2014-07-27 01:59:56
2014-07-27 01:59:56

The smartest way to get in the business is starting to work for another company. There are many laws and regulations that very from state to state, and if you are getting into it with no experience, chances are good you won't last. Work a few years for a local repo company as a driver, and as you learn what you need to do, it will be a lot easier to start your own company. Everyone on here that is wanting to repo cars, yea you can go get your license, get your bond, but the big question is, where are you going to get the finance companies that will give you accounts? You need to know what you are doing before you get into this business.

  • Another good way to get into the repossession business is to go to a school. However BEWARE - most schools, classes, and courses you see advertised are actually Online or "Read-a-Book" type programs. I would suggest looking for a real repossession school taught in a real classroom by experienced repossession professionals. There are very few out there, but if you look hard enough you can find one. Try Midnight Express Recovery Agent School. They provide training in all aspects of repossession including preparation for the CARS (Certified Asset Recovery Specialist®) test and certification.

    This depends on where you live.

    • In Florida and California, you have to be certified by the state. State permit etc. Other states, mostly wide open. It's NOT a very regulated industry yet.
    • In California you must be employed by an agency that is already licensed by the state. You must then be registered as a repossession employee for at least two years before you can qualify to take the state test to become a qualified manager. All agencies must have a qualified manager for each office.
    • In Pennsylvania, you contact the Pennsylvania Department of Banking for an application for Licensed Collector-Repossessor. License is required under Title 69 section 601. You have to file an application with a bond of $5,000, a $350 license fee, and fingerprints for a criminal history check. The annual renewal fee $250. The license is issued under the Motor Vehicle Sales Finance Act. Records are required to be maintain on business of collecting payments or installment sale contracts or repossessing motor vehicles. More details are in the Motor Vehicle Sales Finance Act.
    • In Maryland contact Maryland Motor Vehicle Administration,
    • In Alabama, Tennessee, Georgia, and Mississippi, all you need to do is notify the police after the repo has taken place. You need to treat the people with the same respect that would you yourself would expect. Keep in mind you need to get a locksmith fast because the lender is paying for it. In Ms you need a license and you have to be bonded at a cost of between $10,000 to $15,000 per year with 30% down.
    • In Washington state you do not have to be certified. (Surprising, considering how over regulated everything else here is.) The best advice I've heard is: DO NOT GET CAUGHT BEING UNDER-INSURED.
  • Look up a repo company in the phone book, call them, and ask to come in for an interview with the boss/owner. Ask how to become a repo man and write down the facts you are given.
  • The agent must be licensed and the lender must receive a replevin judgment from the court before a vehicle can be recovered. The exception to the replevin order is the borrower signing a voluntary relinquishment of the collateral property.
  • Any state will want to have a way to TAX your profit, so yes you will need a license. $20-35.00. Plan how you do it.
  • In the State of Ohio, a Repossessor Lic. is not required. I spoke with the lic. dept. at 1-614-645-8366. You do on the other had need to know the laws, and UCC. Ohio TITLE STATE: Yes SECURITY INTERESTS: Shown on title held by lien holder.
  • You need a business license and insurance. Some certification training will be a big help.
  • State of Texas - capitol.state.tx Texas
  • TITLE STATE: Yes SECURITY INTERESTS: Shown on title held by lien holder. LICENSE REGISTRATION: Texas State Department of Transportation, Division of Motor Vehicles
  • There doesn't appear to be a minimum education level to qualify as a recovery agent. Some of the best agents are the least "educated".
  • There really isn't a "such and such degree required". However, it takes smarts to do it successfully. Not any ol' joe can jump in a truck and "go repoin'". A lot of what is necessary is common sense and experience. My advice would be to find a local recovery agent and ask to tag along for a while. Be an apprentice at it.If you don't know what you are doing, you could get shot, beat up or sued. I have done repos for about 5 years now and never had any of those things happen because I took the time to learn.
  • It depends on what state you're in and what your CLIENTS want. call your state TAX commission for starters.
  • Depends on what state you are in. In NYC All you need is a place to store cars, Insurance, and a Business License
  • Work in the industry for a while, take a job with one of the existing companies and learn what's going on. You won't have any credibility if you just open a business. You'll have to start as an employee then you'll need to start small.

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In the state of New York, provided there is a legal order for repossession, once the vehicle is located, it may be secured and recovered. The repossession agency has 24 hours to notify the registered owner of the repossession, but they are only required to do so by mail, and may do so to the address of record on the registration. They do not have to notify anyone at the time of repossession other than local law enforcement of jurisdiction. They must inventory and secure any property contained in the vehicle, and may charge a storage fee for that property.

I don't think there is a statute of limitation on repossession of a vehicle anywhere as long as there is an overdue payment outstanding.

Dealerships are not typically recognized repossession agents, however, if you bring in a vehicle for service, and a valid repossession order exists for that vehicle, the delareship may secure the vehicle for the lender so that repossession may take place.

A "repossession notice" is a civil matter. A police oficer cannot hold the vehicle for repossession. Unless, there has been a court proceeding and the judge has ordered the vehicle held if stopped. A repossession notice also cannot stop the registration of a vehicle.

Repossession letters are not required in every state. In some states, face to face notification of the repossession suffices, and when the driver came to hook up your car, if you had a conversation with him at all (even if it consisted of you yelling "Hey!" and him gesturing to you) you received notice.

That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.

Florida allow repossession by UCC regulations, a right to cure notice or replevin order is not required and the vehicle may be recovered by a licensed agent as long as it is done without a breach of peace. The county recorder must be notified of the repossession action and the plates remain with the borrower.

a voluntary repossession is where you turn over the vehicle instead of us having to come get it from you.

The state of Alabama is a self help repossession state, therefore a repossession agency is not required to notify you before they repossess your vehicle. Repossessors are under various state and federal laws and regulations and are prevented from breaching the peace among other things.

To go it alone you will need a a Credit Consumer License, allowing you to look at peoples debts basically, a Data Protection License for obvious reasons Repossession insurance, a vehicle and two drivers, trade plates and some other various recovery equipment. Or instead of two drivers, plates and the vehicle, just get a low loader, makes things much easier. If you dont have the cash to get a CCL and DPL (around £600/year) then you can work under an agency whom you will be covered with. Information from my experience and current career.

When you purchased the car, you may have received a lien title from the state. This is not a clear title of ownership. The lender in essence still owns the vehicle, at least part of it. It is held in security for the loan. If you are a repossession company or agent, you will be required to have an order of repossession. But, if you are a repossession company or agent, you should already know this.

Yes. Under the self-help repossession laws a repossession agent can contact you at work and request the location of the vehicle. If, however, you request in writing of the repossession agency that you no longer be contacted at work, the agency is required by the Graham-Leach-Bliley Act, and the FFDCPA to cease all contact with you at your place of employment, unless they have no other means of contacting you, and then only to notify you of changes in the status of the recovery of the vehicle or the account.

Under California law, a creditor can repossess the vehicle if it is in default without notice, even if the car payment is one day late. However, if there is a co-borrower on the loan, the creditor is required to give notice before repossession.

No. The only vehicle that can be repossessed is the vehicle for which the agent has a valid order of repossession, OR in some cases, a vehicle the agent encounters (such as reported by a camera car) in the process of locating another repossession. Anything other would be wrongful repossession or possibly grand theft auto and extortion.

I am a repossession agent in Virginia it takes 2-3 months of not paying before the repossession status occurs.AnswerI am a repossession agent in Virginia it takes 1 missed payment then repossession status occurs.

They have no liability for a vehicle repossessed lawfully from their property.

the person the vehicle was leased to is responsible as they are the ones that have caused the vehicle to need to be repossessed.

Forever Adding: I believe the questioner may actually mean to say - does the lien holder have to wait to sell it. Perhaps he doesn't understand that after repossession, it is then "their", that is the lenders, vehicle.

you have to get a speeding ticket in Pennsylvania

miss a couple of car payments and you will find out!

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