A repossession agent recovers properties that have not been paid for, often involving large items like vehicles and boats. They may work for banks, financial organizations, or as independent contractors. The job requires negotiation skills, patience, and a calm demeanor. There are no formal education requirements, but a background in security, law enforcement, or finance is often preferred. Some regions require licensing or bonding.
A repossession agent repossesses properties that have not been paid for in accordance with terms agreed between the buyer and seller. He is typically involved in the recovery of large items such as automobiles, recreational vehicles, trucks and boats. He may work for a repossession company, bank, financial organization, lending institution or credit card company. A considerable number of repossession agents are also independent contractors.
Recovering personal property from individuals is often a difficult task. It may be necessary for a repossession agent to approach the person who has defaulted on the purchase contract to inform him of his intentions. In some cases, the lender notifies the buyer of the proposed action and the agent is only responsible for the physical recovery of the property. The agent may be required to seize property from a private residence or business location.
Although the target of repossession may be aware of the impending action, the repossessor often encounters resistance in carrying out their work. He may be confronted with verbal abuse and, in some cases, threatened with physical violence. Some repossessors are licensed to carry self-defense weapons.
To avoid legal repercussions, it is usually necessary for a repossession agent to be fully aware of your rights, as well as those of the creditor and buyer. The lender usually has strict guidelines and procedures that must be followed to make repossession legal. Typically, this includes alerting the owner of the repossession by registered or certified mail. In some regions, a legal document describing the details of the standard must be delivered to the consumer by a process server.
After the property is repossessed, the repossession agent usually delivers it to the lender or at a location authorized by the lender. Upon handover, the agent will normally require the person accepting the property to sign documents confirming the transfer. This releases the repossession agent from any further liability for the property he has seized.
Success as a repossession agent usually requires a calm demeanor and great communication skills. Negotiation skills are typically considered an asset for this job. Patience and perseverance are also generally considered good attributes for people in this profession.
Typically, there are no formal educational requirements for being a repossession agent. Background in security, law enforcement or finance is often considered an advantage for candidates for this job. A significant number of repossession agent jobs require applicants to have no criminal record or history of arrests for crimes involving dishonesty or violence. Some regions may also require repossession agents to be licensed or bonded.
Protect your devices with Threat Protection by NordVPN
