A repo man helps to recover items for a business or financial institution. Repo men, or women, repossess cars and other high-cost items when scheduled payments for the goods in question have not been paid according to legal contract terms. Usually, reclamation is a step that helps businesses or financial institutions avoid potentially costly and time-consuming court cases to get the item back. By taking matters into their own hands and hiring a repo man, a company can recoup lost income and reclaim what they are owed.
A purchase contract, which was signed at the time of the original transaction, often contains a stipulation that allows for repossession of the item. If a payment is missed, or 30 days have passed without payment, repossession of property can typically begin. This safeguard enables a repo man or woman to complete a recovery job within legal bounds.
Most repo men tend to specialize in recovering vehicles. The ability to operate a tow truck or large pickup truck may be part of the skill set for this job. Strength, good physical fitness, and an ability to communicate well are also important factors that can assist a repo man in successfully carrying out key duties.
Familiarity with state laws regarding repossession is very important to repo men. Courses can be taken online, and materials can be studied, to ensure proper understanding of legal processes related to taking back automobiles and other property. Generally, people begin a career in this field by training with a more experienced repo man. This apprenticeship ensures all facets of the job are learned from a trained professional.
This type of work is also known as the collateral recovery business. A license may be required to begin repossessing vehicles. Knowledge of local laws and licensing requirements are typically researched before starting such a business. Each state or country may have different laws and licenses, so it is important to be thorough when preparing a business plan. Repo men may also need organizational skills to keep clients and contracts in order.
Dealing with difficult people is a common problem with this type of employment. A successful repo man may have skills like intuition, research and investigation knowledge, and the ability to repossess items quickly and covertly. Since most people do not want to lose a vehicle or other valued, expensive item, there can be elements of danger associated with this job. Displays of anger, verbal protests, and physical confrontation are common reactions of some delinquent customers, when repo men attempt to seize control of possessions.