When a property owner defaults on a collateral secured debt, a repossesor or repo man reclaims property such as cars, boats, or even planes on behalf of finance companies. Someone interested in becoming a repossesor can apply to work as an agent for a repossession firm or register as a self-employed repossession agent with the regional government. Many companies prefer to hire people who have completed high school, but a repossesor is not required to have a college diploma.
Repossession training courses are offered by some educational institutions and private companies, and attendees are taught about regional and national repossession laws. People who take these classes are also taught how to track down delinquent borrowers by using the internet, public records searches, or even hiring private investigators. Many large repossession companies provide in-house training for new hires, but smaller companies may prefer to hire people who have already completed one of these sessions.
When delinquent borrowers’ cars and other valuables are repossessed, they can become enraged, which can lead to violent confrontations. As a result, someone interested in becoming a repossesor may need to work in law enforcement for a while, as some companies prefer to hire people who have been trained to defend themselves when confronted by violent people. Furthermore, because former law enforcement officers are already familiar with regional and national repossession laws, hiring these individuals saves time and money in terms of training sessions.
A person who wants to work as a repossesor may need to obtain a license, which usually entails passing an exam. Government agencies frequently host training sessions in which participants learn about property rights and lienholders’ ability to foreclose on past-due debts. Training classes are frequently followed by an examination in which the student’s knowledge of such laws is tested. People who successfully complete the training process and examination can pay a fee to obtain a license, and as licensed agents, they can work for repossession companies or start their own businesses.
A person who wants to become a repossesor can start his or her own company. In such cases, these individuals must not only obtain any required repossession licenses, but also register as a business with the state. Many small business owners are sole proprietors, but there are tax benefits to operating a corporation or another type of entity in some areas. In order to operate tow trucks and other types of equipment that may be used during the repossession process, a self-employed person may be required to attend training classes.