Becoming a Repo ManLearn the Key Steps and Requirements of Becoming One The shoes of repossession agents, or “repo men,” require individuals that come equipped with the right skills to effectively put themselves ahead when in this niche field. This is an in-depth account of how you can sail through the process.
Basic Requirements
In order to embark on a career as a repo man, you must meet the basic qualifications:
Age and Citizenship: You must be eighteen (18) years old or over and a U.S. citizen
Criminal Record: A record free from felonies is important as many of the states do not allow anyone with a felony to work in this field.
Commercial Driver’s License (CDL): Tow trucks are one of the primary tools that repossession agents use to carry out their work12.
Licensing and Certification
Of course tires of always be clear on the licenses:
Repossession License: State Dependant. You may have to take a test in some states or they might need you one actual surety bond and even collection agency license34
Skip Tracing Training with new skip tracing techniques (important for finding vehicles and their owners who may be evading repossession)4.
Insurance and Bonding
Insurance & bonding keeps you and your business safe!
Bond Insurance — Some states require repo agents to have a surety bond, this varies by state however typically around $5-10K13
Liability Insurance (critical for repo activities if anything goes wrong) evident3
Starting Your Repo Business
If starting your own repossession agency is more in line with where you are looking to be, follow these steps:
Business Plan — Write a comprehensive business plan, outlining your services, target market and financial forecast.
What you’ll need to Invest In: Adequate funds for equip and license fees, insurance, and overhead costs 3–six months
Where: Select a strategic location to run your business from where it will give you accessibility to the regions that are part of your target area3.repossession agent (ad)
Skills Development
In addition to the skills and technical requirements, there are a few skills that will increase your effectiveness as a repo man.
Ability to Negotiate: An ability to communicate with clients can mitigate hard emotions during repossessions.
Critical Thinking Skills: Every repossession case is different and may require a great deal of creative problem-solving, so this skill can be really helpful4.
With these tips, and understanding you must always follow state regulations, soon enough you can become a repo man.