What Is a Repossession Agent and How to Become One
What Does a Repossession Agent Do?
As a repossession agent, you participate in the recovery of an asset when someone is overdue on a debt payment. In your job as a repo agent, you may collect the deed to a vehicle or another piece of property, coordinate the transfer of ownership through a bank, and comply with all relevant laws and regulations for the repossession process. You may also help calculate the costs of repossession and help the bank determine the best way to finance complicated repossession efforts. Repossession agents should not be confused with recovery agents, who locate and retrieve people who fail to appear in court, though some people perform both duties.
How to Become a Repossession Agent
The qualifications to become a repossession agent include a high school diploma and some experience with lending, collection, or remarketing. Many repossession agents start out by working at a bank or another lending institution alongside seasoned repossession agents to gain experience. Most repo agents work locally but, in rare cases, employers may ask you to travel in order to secure and repossess assets. As such, this job can have irregular hours. Fulfilling your responsibilities and duties as a repossession agent also requires interpersonal and research skills as well as the ability to memorize and follow complex legal guidelines.