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Repossession Questions and Answers |
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Repo Jobs has compiled a
list of common repossession questions that have been emailed to Repo
Jobs over time. Please email us any repossession question that you
would like to see answered here on Repo Jobs.
Questions for Repo Jobs
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How do I get started in the
repossession business? |
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Repo-U.com offers repo man
training. The course teaches you you all of the basic skills to get
you started as a repossessor: lock picking, slim jims, go jacks,
etc. Repo-U.com also teaches you advanced skills like skip
tracing, demanding surrender of a vehicle, and truck maintenance.
The training has a strong emphasis on updating your customers, and
customer service. If you don't have a relative that owns a repo
company, Repo-U.com is your best bet at finding a job in the
repossession industry.
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Can I have my X-spouse's car
repossessed? |
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If you are listed on the
title of the vehicle as the owner or lien holder, you have the
right to possess the vehicle. You therefore have the right to
repossess your vehicle. Certain state laws must be adhered to in the
process, such as not breaking the peace while performing the
repossession. The repossession must also be performed by a licensed
and insured repossession agent. This type of a
repossession is referred to as a private party repossession.
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How can I stop a repossession order? |
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 Once
a repossession order has been issued on your car, there are four
ways the repossession order can be lifted:
1. The repossessor takes
your car.
2. You file a bankruptcy.
3. You pay the loan off.
4. Voluntarily surrender the car to the repossessor.
Voluntarily surrendering
your vehicle can save you from having the repossession appearing on
your credit report. That is important when it comes time to purchase
your next car.
Federal law requires the
lender to offer you the right to redeem. The bank is required to
give the car back to you once you pay the bank the past due amount
and proof of insurance on the repossessed vehicle.
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