Being in the repossession industry seems like an interesting and easy way to make good money. However, it’s one of the most dangerous and complex jobs around. If dealing with an unhappy customer is not enough, there are numerous legal and licensing issues that you must consider. If you are contemplating a career in the repossession field, then you should consider a few things.
Legal Complexities
It’s commonplace for people to try to hide their cars when they know they are behind in their payments. However, the law only allows a repossession professional to do so much. Even if you know a car is parked in a garage, you cannot enter a building to take the vehicle without the owner’s permission.
The laws governing repossession vary from state to state. You can’t do anything illegal to get the item back to the lender. While it may seem that the consumer has lost all rights as they are behind in their loan agreement, there are still many gray areas that can cause a great deal of trouble for you.
Licensing Woes
When it comes to towing cars or other vehicles, there are many licensing woes. If you get into a wreck with the seized vehicle, you are responsible, so you must be bonded and insured to handle these automobiles. There are various insurance needs for different recovery services. The lender expects you to be covered in the event of an accident. The licensing and regulations vary greatly, so you must ensure you are legal in your state.
Dealing With Customers and Drama
If dealing with insurance, licenses, and state regulations isn’t enough, the customer adds a whole other layer of complexity to the situation. These people are in financial hot water. They are not eager to give up their vehicle that they probably still depend on each day. It’s not uncommon for a person to become combative when faced with repossession. They can call the police, become physically violent, and even take extreme measures to keep you from finding the vehicle.
It’s hard to keep your cool when you are trying to do a job and the customer is standing in the way. There are stories in the news about repossession professionals being attacked or even shot when they tried to get a vehicle returned to the lender. When you are taking something that a person depends on for their transportation needs, things can get nasty.
Television makes the world of repossession seem like an easy way to make a lot of money. While you can make good money in this industry, you must also remember that you will need the proper insurance and licenses per your state guidelines. Additionally, you must know the regulations of the areas you are working in to prevent any legal troubles.
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