Finance, Credit and Repossession Information Resource

The Repossession Industry

The repossession industry has been a somewhat hidden industry until the recent years when popular TV shows showed up out of the blue. Problem is these TV shows give false advice to those that want to get involved in the repo business. Constant fighting, weapons and things that clearly make these actions illegal can otherwise be considered the nor in this industry.

While it can become dangerous at time, many times when someone goes on a repossession job it is late at night and very quietly done without any contact at all. The best ways to handle a job is with no contact at all, unless it is imperative you get the keys to the asset, making contact is the worst way to go about it. Avoiding conflict and danger is not only the law in most states but also the safest way to go.

As you will read in the state by state licensing sections, some states make it difficult to get in by adding at least a couple of years previous documented experience to your license application. Any previous felonies will stop your application dead in it’s tracks and become denied.

The repossession industry reaps it’s rewards as well. Working with automobiles the pay is good, but when you do planes or boats the pay becomes much higher and always requires a tremendous amount of prior experience. Some boats or planes are valued in the millions so the finance company or bank wants to be sure the agent is well capable of doing the job correctly without the higher risk of lawsuits or things that can go wrong. In fact many people that get involved in the boat repossession industry have experience themselves in the ability to captain large vessels. Many aircraft repo agents are licensed pilots. While some companies just choose to hire a pilot or captain on a case by case basis.

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