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Commission Repossession Agent Jobs in Tennessee (NOW HIRING)

Royal Furniture Company

Consumer Debt Agent

Memphis, TN · On-site

$35K - $45K/yr

... 11/hr + commission thereafter. Requirements: * Previous collections experience * Knowledge of FDCPA. * Experience with judicial attachments/repossession * Experience initiating garnishment ...

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Commission Repossession Agent information

What is a commission repossession agent?

Commission Repossession Agents are professionals hired to recover property, typically vehicles, when borrowers default on their loans. They usually work for repossession companies or financial institutions, and their pay is often based on the number of successful recoveries they complete, rather than a fixed salary. These agents locate, secure, and transport assets back to the lender while following legal and ethical guidelines. The job requires knowledge of state repossession laws, strong negotiation skills, and the ability to handle potentially stressful or confrontational situations.

What are the key skills and qualifications needed to thrive as a commission repossession agent?

To thrive as a Commission Repossession Agent, you need knowledge of repossession laws, strong negotiation skills, and a valid driver’s license, often supplemented by relevant experience or training. Familiarity with repossession management software, GPS tracking systems, and secure vehicle handling is commonly required. Excellent communication, conflict resolution, and stress management abilities set top agents apart in challenging environments. These skills are crucial to ensure compliance with regulations, maintain personal safety, and achieve successful recoveries while minimizing disputes.

Does commission repossession agent work pay well?

Commission repossession agents typically earn income through commissions based on the number of successful recoveries, with pay varying by experience, location, and company. While some agents can earn a competitive income, earnings are often inconsistent and depend on performance and market demand.

How do I become a commission repossession agent?

To become a commission repossession agent, you typically need a high school diploma or equivalent, a valid driver's license, and a clean driving record. Some states require a license or certification, and training in repossession procedures and legal regulations is often necessary. Strong communication skills and knowledge of security procedures are also important for success in this role.

What is the difference between Commission Repossession Agent vs Field Collection Agent?

AspectCommission Repossession AgentField Collection Agent
CredentialsDriver's license, sometimes repossession-specific trainingCredit and debt collection training, sometimes certifications
Work EnvironmentOn-site at repossession locations, often in the fieldOffices and in the field, visiting debtors' locations
Industry UsageAuto loans, secured assets repossessionUnsecured debt collection, credit agencies

Commission Repossession Agents primarily focus on recovering secured assets like vehicles, often requiring specialized training and fieldwork. Field Collection Agents handle unsecured debts, working in both office and field settings. While both roles involve debt recovery, their methods, credentials, and industries differ significantly.

What are some common challenges faced by commission repossession agents and how can they be managed?

Commission Repossession Agents often encounter challenges such as difficult or confrontational interactions with vehicle owners, unpredictable hours, and the need to adhere strictly to legal and ethical guidelines. Managing these challenges involves strong communication skills, situational awareness, and thorough knowledge of relevant laws and company policies. Building positive relationships with team members, maintaining detailed documentation, and participating in ongoing training can help agents navigate tough situations and ensure safety and compliance.

How do commission repossession agents get paid?

Commission repossession agents typically earn a percentage of the amount recovered from the repossession, which is paid as a commission. Their pay structure often includes base pay plus bonuses or commissions based on successful recoveries, and they may also receive additional compensation for completing specific tasks or meeting targets.
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Commission Repossession Agent jobs near you

Consumer Debt Agent

Royal Furniture Company

Memphis, TN • On-site

$35K - $45K/yr

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Posted 2 days ago

New

Job description

Benefits:
  • 401(k)
  • Dental insurance
  • Health insurance
  • Paid time off
  • Vision insurance

At Royal Furniture we take pride in bringing our customers the most incredible values in furniture, appliances, and mattresses. Royal has been family owned and operated since 1946. Now in our third generation of leadership, we've mastered the art of buying big and passing the savings on to our customers.
 
Royal Furniture is seeking an experienced consumer debt collector to join our team at our corporate office in East Memphis! Responsibilities include contacting debtors by phone, skip tracing, setting up payment plans, and processing accounts for legal action when necessary.
 
Pay will start out at $15/hr for the first two months while training, and then $11/hr + commission thereafter.
 
Requirements:
 
  • Previous collections experience
  • Knowledge of FDCPA.
  • Experience with judicial attachments/repossession
  • Experience initiating garnishment proceedings
  • Ability to meet or exceed predetermined goals.
  • Professional communication skills, both orally and in writing
  • Detail oriented with excellent organization and follow up skills.
  • Regular attendance is required
Must pass a drug and background screen.
 
What we offer:
 
  • A competitive salary – base plus commission
  • A comprehensive benefit package, including medical, dental, vision, life insurance, paid vacation, holiday pay, and 401(k).
Royal Furniture Company is an Equal Opportunity Employer.