To become a repossession agent, complete a training course, work under a licensed repossession agent, obtain a surety bond, become licensed in your state, acquire the proper vehicle license, and secure a tow truck. It can take up to two years to become a professional repossession agent.Continue Reading
The exact training required to become a repossession agent varies in each state, but most programs teach repossession laws, skip-tracing techniques, basic computer skills and customer service skills. Courses may also cover topics relating to contract law, defensive driving, ethics and personal property crimes.
Work with a licensed repossession agent to gain hands-on experience. Many vehicle recovery agencies offer apprenticeships and internships to those who are interested in entering the field.
In most states, repossession agents are required to purchase surety bonds, which cover the cost of damages that may occur during the vehicle retrieval process. Each state sets a minimum coverage amount.
Some states require repossession agents to pass an examination and become licensed. To obtain the licence, applicants must have a valid drivers license, be of a minimum age and pass a criminal background check. A license to operate a tow truck is generally required as well.
In most states, the tow truck used to perform the job must adhere to specific state regulations. There must also be sufficient insurance coverage on the vehicle. Check with your specific state to determine the requirements your truck must meet before it's eligible to retrieve vehicles.