As you move forward further into working repossessions, you’ll find that not only are you working behind the scenes, usually quietly and as safely as possible. Another side to being an excellent repoman is negotiations.
What do you mean negotiations, with what?
There are so many different things that must be negotiated on depending on which category of repossession. I will list a few scenarios to start with.
Car repossession negotiating
The most common one will surely be negotiating for the keys. Especially now a days with keys costing so much and having to bring the cars in to get fitted for new keys with the computer. The next most common type of negotiating will be after the repossession takes place with the debtor. They will need their personal property and you will normally charge a fee for that. Some companies won’t negotiate that and be sticklers, but I say unless you want to get stuck with a bunch of garbage to you, go ahead and negotiate a little.
If you do repo work in cities that have parking garages, you can count on negotiating to remove cars from the garages, many have been sitting in there for months and the bill can be in the thousands. I remember paying over $4,000 for a car in a NY parking garage and the bill was $6300.00 with this you have to get an approval from the bank first and also have the cash to lay out for them. As they will probably not send out the cash in advance. Another reason for banks to be picky who they hire. Negotiating fee’s for people that are willing to help you. Many people will confront you and say they can tell you where the car is but you have to pay them a couple hundred bucks. Again fee’s like these should be approved by the bank in advance, unless it is part of the skip tracing fee you are charging.
Negotiating in yacht repo
With this one negotiating is a daily part of work. It goes with the territory. You can take yachts right out of the marina without paying, steal them out. However, not only are you breaking the law, but you’re also stabbing yourself in the back. If you plan on working with yachts always remember marinas are you’re friend. If you pay a marina back pay on a yacht that is up for repo, they will be happy to negotiate the fee. Some are sticklers and will not, but most will. When a car repoman gets a boat repo his first instinct is to steal it out, probably after hours. If you plan on doing yacht repo’s long enough, plan on dealing witht he same marinas over and over.
Negotiating with airports and airport hangars
Perhaps you dice you want to be an aircraft repoman. If that is the case it’s the same as the yachts above. You’ll find that negotiating becomes a daily routine. Storage fee’s due, mechanical liens, log books, detail company, fuel and the list goes on.
It becomes apparent that contrary to popular belief, repossession is not all about just stealing the unit and going. In fact stealing and going is a small part of this in comparison to all the negotiating you will be doing once you launch the new career. Banks will be counting on you to be able to negotiate well enough to bring down the fees.