A repossesor or repo man reclaims property such as cars, boats or even aircraft on behalf of finance companies when the property owner defaults on a collateral secured debt. Someone wishing to become a repossesor can either apply to work as an agent for a repossession firm or register with the regional government as a self-employed repossession agent. Many firms prefer to hire individuals who have completed high school but a repossesor is not typically required to have completed a college degree.
Some educational centers and private companies offer repossession training courses during which attendees are taught about regional and national repossession laws. Additionally, people who attend these classes are also taught how to locate delinquent borrowers by using the internet, public records searches or even private investigators. Many major repossession firms provide in-house training for new recruits but smaller firms sometimes prefer to hire individuals who have already attended one of these training sessions.
In some instances, delinquent borrowers become angry when their cars and other types of possessions are repossessed and in some instances, this can lead to violent confrontations. Consequently, someone wishing to become a repossesor may need to spend some time working in law enforcement since some firms prefer to hire individuals who are trained to defend themselves when confronted by violent people. Additionally, former law enforcement officers are already familiar with regional and national repossession laws which means that firms can save time and money in terms of training sessions by hiring these individuals.
Someone wishing to become a repossesor may have to obtain a license, which often entails taking an examination. Government agencies often facilitate training classes during which attendees are taught about property rights and the ability of lienholders to foreclose on past due debts. Training classes often culminate with an examination during which the student's knowledge of such laws is put to the test. People who successfully complete the training process and the examination are able to pay a fee to obtain a license and as licensed agents, these individuals can apply to work for repossession firms or start their own businesses.
An individual wishing to become a repossesor may opt to start his or her own business. In such instances, these individuals must obtain any necessary repossession licenses but also create a business entity by registering with the state. Many small business owners operate as sole proprietors while in other areas there are tax advantages to operating a corporation or another type of entity. A self-employed person may also have to attend training classes in order to operate tow trucks and other kinds of equipment that may be used during the repossession process.