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What qualifications and licensing are required to become a vehicle repossession agent?

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kimly451451n
2020-07-26 05:12:37
2020-07-26 05:12:37

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Anonymous
2020-05-14 19:23:00
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Wiki User
2012-10-16 16:19:11
2012-10-16 16:19:11

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 repossessor 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 Licensure 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 $250. The license is issued under the Motor Vehicle Sales Finance Act. Records are required to be maintain on business of collecting payments or installment sale contracts or repossessing motor vehicles. More details are in the Motor Vehicle Sales Finance Act.
  • In Maryland contact Maryland Motor Vehicle Administration, 6601 Ritchie Hwy. N.E., Glen Burnie, Maryland 21062. Tel:(410)768-7000.
  • In Alabama, Tennessee, Georgia, and Miss., all you need to do is notify the police after the repo has taken place, you do not want Bubba runing you down. You need to treat the people with the same respect that would yourslf, BS and finesse run the course when you are skipping someone. As for a truck you dont need it. I used the uHaul to pick up front wheel cars. Keep in mind you need to get a locksmith fast because the lender is paying for it.
  • In Washington State you do not have to be certified. (Surprising, considering how over regulated everything else here is.) The best advice I've heard is: DO NOT GET CAUGHT BEING UNDER-INSURED. These people are usually hot! And they will try and nail you any way possible, you will certainly find yourself defending your actions in front of a judge sooner or later. Know the law and cover your #$%!
AnswerRead the article on Repoman.com entitled "I wanna be a Repoman!"

IMHO, it should be REQUIRED reading for anyone with the desire to be a repoman.

Here are a few laws you might want to get familiar with if you wanna be a REAL recovery agent, in Oklahoma: http://www.lsb.state.ok.us/

Title 13. Common Carriers (179KB)

Title 14A. Consumer Credit Code (805KB)

Title 15. Contracts (777KB)

Title 12A. Commercial Code (2095KB)

Title 24. Debtor and Creditor (153KB)

Title 28. Fees (179KB)

Title 40. Labor (1200KB)

Title 42. Liens (269KB)

Title 47. Motor Vehicles (3472KB)

Title 59. Professions and Occupations (3332KB)

Title 60. Property (1225KB)

Title 72. Soldiers and Sailors (315KB)

AnswerThe 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. AnswerI would have to agree with the previous answer. There are many ways to get into the repo industry. Yet, once you get there, how do you succeed? Go work for another company. Find one in your area, get a truck, get a boom, and learn how to get into cars. Learn how to go without sleep and how to work for 14-18 hours straight. The job is a fun one at times, while at others you want to shoot yourself for getting involved. It's not a job that you can do half way... it's one that is all or nothing. TLC and other shows have made it look fun and somewhat glamorous with titles like "Stealing for a Living". I have never stolen anything in my life. I recover what others are stealing from lien holders and financial lenders. Rethink your decision and if you are serious, contact a local repo agency and see if any of their agents need drivers and go from there. AnswerI AGREE WITH THE PREVIOUS STATEMENT I AM 22 YEARS OLD AND HAVE BEEN WORKING THE COLLATERAL RECOVERY INDUSTRY SINCE I WAS 16. IN THAT TIME I HAVE SEEN MORE THAN 100 AGENTS COME AND GO FROM THE TWO COMPANYS I HAVE WORKED FOR....THE REPOSSESSION INDUSTRY TAKES A CERTAIN BREED TO SUCEED NOT JUST ANYBODY CAN DO IT.! AnswerAll those answers are..for the most part correct! I am a female repossessor living in Valencia. I have been doing this for over 7 years and am now thinking about starting a repo business of my own. But from experience, i KNOW that most people who think they can start a repo business FAIL. Because they don't do it ....first hand....before they try and start the company. You need people you can trust to recover collateral and most of all, you need to have referrals from the lienholders. I myself, am lucky in that sense because many finance companies know who I am and know I am a great skip tracer, which results in reoovery! So if you're gonna try this, be a repo agent first! It's not as easy as you might except, especially if you're in California, as I am...where the consumer laws are much more strict that other states! AnswerMy answer...................DON'T DO IT. Now that I have your attention, i will get right to the facts. Anyone can start a repo company. I am on my 3rd one now.It takes trust in at least one other person. The kind of trust that comes from knowing someone a while. Then it takes trusting yourself. Are you the kind of person that can go for hours while watching a home and waiting for someone who may or may not show up? Long hours in a thankless job. Know yourself and your partners before you start. Anyone can drive a wrecker and operate a boom. But make sure you have what it takes to be a real repo man (or woman) before you sink your time and money into it. Like i said, until you are sure, DON'T DO IT..... AnswerThe previous answer is pretty much how it is. I went on vacation recently and just so happened had info that one of the cars that I was looking for might be in my vacation spot, so it ended up being a working vacation with a family that was very upset with me...but I did find the car. :-) AnswerI think the best step would be to apply for the job.
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Related Questions

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What qualifications and licenses are required to repossess vehicles in the state of Nebraska?

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It is a civil court action. Do not make the mistake of believing that you OWN the vehicle. The lender owns the vehicle up until the day the final payment is made. You undoubtedly signed an agreement, contained within the financing papers, that you agreed to make the required payments on time. When you fail, all the lender has to do is show cause that the contract was not honored and apply for repossession in order to recover his property.

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what are the legalities of voluntary vehicle repossession

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Sample letter of vehicle repossession for the state of texas

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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

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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.

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The noun 'licensing' is a gerund, the present participle of the verb to license that functions as a noun.The present participle of the verb also functions as an adjective.Examples:Licensing is required to operate a motor vehicle on public roads. (noun, subject of the sentence)Which agency is licensing casinos in our state? (verb)The licensing agency is located in city hall. (adjective)

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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.

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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.

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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.

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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.

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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.

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

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

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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.

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Driver & Vehicle Licensing Agency


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