Automobile repossession, boat repossession, equipment repossession, aircraft repossession, and real estate repossession are all examples of repossession jobs. Repossession work can be done on a freelance basis or while employed by a reputable repossession company. When a bank or other lender needs to recover property due to nonpayment of a loan or lease agreement, they hire repossession agents.
The term “repossession man” or “repo man” was once used to describe people who worked in repossession. Repossession agent, on the other hand, is a better term for women and men who work in the repossession industry. Although most jurisdictions do not require specialized training for a repossession agent, certain repossession jobs do necessitate specialized skill or specific knowledge in safely removing certain items without causing damage to the equipment or its surrounding property.
The most well-known type of repossession is probably automobile recovery. A repossession agent is frequently expected to work late hours and have prior experience locating and removing an automobile in these positions. The majority of professional repossession agents are skilled at obtaining a vehicle without the owner’s knowledge.
Other repossession jobs, such as aircraft and boat repossession, necessitate a repossession agent’s piloting license and experience. An agent working in one of these repossession jobs will be tasked with locating and removing a vehicle, just like in automobile repossession. In contrast to auto repossession, a repo man or woman must be able to locate an airplane using records such as fueling records, docking records, and even aviation records. Before legally stealing a vehicle for the lender or lien holder, a repossession agent will frequently bring along a skilled mechanic to ensure that it is in working order. A repossession agent must know how to properly remove the vehicle and deliver it to a predetermined location once it has been located.
Equipment repossession may also necessitate the use of specialized equipment removal skills. This is especially true for heavy machinery like magnetic resonance imaging (MRI) equipment and other radiation-based equipment. Unlike car, boat, or aircraft repossessions, these repossessions are usually done during regular business hours and with the owner’s consent.
In some jurisdictions, when real estate has been foreclosed on, lenders hire a repo agent to take possession of the property. A repo agent must be able to explain the legalities of the repossession and deal with irate property owners in order to do so. These types of repossession jobs necessitate skilled real estate professionals with specific experience in reclaiming properties on behalf of a lender following the default of a mortgage loan.