Finance, Credit and Repossession Information Resource

Some of the bad element that become repossession agents

The business of repossession has always had a strong allure attracting the tough guy or the bad boy types if you will. It has been very unfortunate to see that while many of us are and remain professional knowing that in order to get large scale banks or finance company contracts we must have the same level of professionalism as someone working at a law firm or an insurance company.

Some types of repomen really suck

I know you say well who cares, why would you care when you have your business and he has his. While I would like to be able to say who cares that this guy is a criminal minded thug working for so and so repossessions, it just doesn’t work that way. Not only do thugs like this ruin the entire industry by way of the criminal acts they continue to do as repossession men, these few (continually growing) idiots end up giving the whole industry a bad name, they end up costing us the professionals more money in insurance and bonds, increased regulations by the individual states. Have you seen the Florida regulations? Worst of all, make it much harder for a bank to gain trust in you creating a tremendous road block for new professionals to be able to get repossession orders.

Things that these criminal minded Repomen do

In my time as a professional repossession agent for cars which was the first two years of my career. I had seen some repulsive actions from previous agents. For example one guy telling a bank he never found the car it was in charge off already, but really got the car and put it in a warehouse somewhere, probably to prep it for shipping.


Then you have these criminal thugs that suddenly think it is OK to rip off their fellow repomen. I should use the words rip off lightly, better yet extortion would be suited better for these types. Problem is when you get bigger from being professional and banks begin to love you, they will give you cases nationwide, they did us because we did all of their nationwide skip tracing work so upon finding the unit, we would find a local repoman in the area and send him the order. We would verify insurance and license if in a licensed state, some states have few repomen and those they do have can be the thugs and the worst kind extortionists. It is a very unfortunate part of the industry. They get all caught up in the TV shows and think this is how it really goes down or they just figure so cool being able to legally steal cars.

How to avoid repomen like these during a repossession

From my personal experience it is really tough to say for sure anything is bullet proof in avoidance of these thug repomen. Reason being is they all put on a great attitude at first until that repo order comes through the gate, now the power change comes into play. Now they have something on you and these extortionists will go as far as contacting your bank in effort to tell the bank they were the ones who found the car. it must be the fact they figure you might never call them again. But what happened to integrity? Anyone?

Imagine skipping a car for 3 solid weeks and sending over an order to a thug repoman like this, and suddenly your bank calls you and says he contacted them. What?? be careful when outsourcing to these thugs. ¬†Always ask for insurance faxed over, always ask for a references that can be called and verified. Still doesn’t mean after 9pm this guy won’t become a dirty repoman, but at least you have some type of reference. Another thing you can do is have them sign a small form that states they are not skip tracing the vehicle.¬†In fact if you are working the skip, make sure you do this as this will close the easiest door for them to extort you or your bank.

We were so high volume that sometimes we had to just get the insurance and send it out. Once you get bit by a thug, it opens your eyes more.

 

Speak Your Mind