How to Become A Repossession Agent

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Repossession agents work with companies to get back loan collateral that has not been paid for in due time. Cars are a common repossession target, but you could find yourself repossessing anything from jewelry to appliances. Most states don't establish specific education requirements for repossession agents, but you may have to register with your state.

Learn About the Trade

  • While you can't major in repossession in college, some trade schools do offer training on how to be a repossession agent. Whether you go through formal training, you'll need to learn your state's laws governing repossessions. You might have to provide specific notice of your plan to repossess property, and in most cases, you can only repossess property in a way that does not disturb others. The right personality coupled with a calm demeanor can help you keep the stress of a repossession under control.

Follow State Regulations

  • Many states don't require repossession agents to be licensed, but some, such as Illinois, do. You'll need to register with your state if you're required to do so. For example, California repossession agents must register with the state. You may also be required to maintain records on each and every item you repossess. In no state is it illegal to repossess an item that is not collateral for a past-due debt, and it's similarly illegal to use violence or other illegal tactics -- such as breaking into a home -- to access items you need to repossess.

Work for a Company

  • Working for a company that does repossessions can help shield you from many liability issues. As with any job, you'll need a resume that matches the company's experience and education requirements. You have several options for choosing a company at which to work. Some companies are exclusively dedicated to repossessions and may contract with a host of businesses. In other cases, you might work with a business that offers loans or leases to recover items that have not been paid for when due.

Work for Yourself

  • If you work for yourself, you'll be able to control your own schedule but will have to accumulate your own clients. Appliance sales, leasing companies, car dealerships and jewelry stores are excellent options, since they often give loans secured by personal property. A history of successfully repossessing items without harming them can make you a more appealing candidate. If you work for yourself, incorporating your business can shield you from any personal liability for damages you cause. Also consider getting liability insurance or bonding your company in case you are sued or damage someone's property.

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