How to Hire a Repossession Services
(Almost) Everything You
Need to Know about Hiring a Repossession Company
Repossessions are almost always tricky
Customers certainly aren’t going to be all
that excited about having their collateral repossessed, and most
lenders aren’t all that enthusiastic about hiring repossession
companies to seize products from customers that haven’t been
paying up to their end of the bargain – inevitably doing at
least a little bit of damage to their business and their brand
along the way (even though these businesses were 100% in the
At the same time, repossessions can become an
ugly inevitability of doing business and it’s important that you
understand EXACTLY how to hire the best repossession company to
not only safely and responsibly recover property that hasn’t
been paid for, but also protects your business, your reputation,
and any liability you carry along the way.
Entrusting in outside repo company to handle
something as sensitive as a repossession is never going to be
simple or straightforward. On top of that, there are a lot of
different repo companies out there promising the moon and the
stars when it comes to service, price, and results – with a lot
of them nowhere near able to live up to the lofty expectations
they establish for themselves.
Below you’ll find inside information that
should make the process of hiring the right repo company, a
company like Speedy Repo, a whole lot simpler and much more
By the time you’re done with this quick
repossession guide you will be ready to rock ‘n roll, leveraging
the help of the right repossession agents and experts to
guarantee the process goes as smoothly as possible and always
well within the confines of the law.
Let’s jump right in.
Only hire repossession companies with a
sterling silver reputation, like Speedy Repo.
Right out of the gate, needs mission-critical
that you only ever choose to move forward with repossession
companies like Speedy Repo that have a sterling silver
reputation they’ve built up over years and years of service in
According to the statistics published by the
Administrative Office of the US Court System, repossessions are
up dramatically in the last decade and are only climbing higher
and higher as the final wave of the aftershock from the major
credit crunch of the mid-2000’s peters out.
These higher rates of repossessions have
forced the repo industry to expand dramatically, and while there
are plenty of top-tier companies offering reliable, reputable,
and trustworthy services that you won’t ever have to worry about
there are plenty of fly-by-night operations there promising the
same services but never able to protect your interests, your
assets, or your reputation along the way.
You’ll want to do your due diligence and
in-depth research into any repo company you’re thinking about
moving forward with. The internet is going to be your best
friend, but you’ll want to follow up on any resources you
uncover, speak with past clients of these repo companies if at
all possible, and get as much inside information as you can
about the reputation and reliability of the services before you
ever consider signing on the dotted line and working with them.
Try to avoid doing business with repo
companies that allow employees to carry firearms during a
repossession. Speedy Repo’s repo men are armed with intelligence
and experience only. You don’t have to worry about an agent from
Speedy Repo pulling a weapon during a repo.
The Second Amendment is a fundamental part of
our nation, but you do not want to hire repo companies with
employees that are allowed or encouraged to carry firearms
These kinds of situations can escalate rather
quickly, and the last thing you want is to be found liable for
any accidental discharge of a firearm or any legal issues
stemming from agents acting on your behalf that may have chosen
independently to use their firearms during a recovery – leaving
you on the hook for any damages or destruction they may have
caused along the way.
On top of that, you wouldn’t want to be
responsible for any drivers or repo agents working for you to
become injured or killed in the repossession action either.
Again, these kinds of situations can escalate
in a hurry, and if the repo agency you are thinking about doing
business with anticipates the situation turning ugly – or if the
repo has to happen in a less than picture-perfect part of town –
they always have the opportunity to work with local law
enforcement to protect them and everyone else during the repo
Insist on working with repo companies that
perform top to bottom background checks on all of their
It’s critical that you aren’t ever sending
individuals with criminal records out to recover property for
you or your business, especially if those individuals with
criminal records have a background or a history of theft or
At the end of the day, you want this recovery
process to go as smoothly as possible.
Tempers are inevitably going to flare whenever
you are talking about separating someone from possessions they
feel are their own (even if they haven’t been paying for them),
and the last thing you want to do is fan those flames with an
individual that may have a history of accelerating an issue that
is simmering below the surface into something that blows up
Of course, you also want to make sure that you
aren’t ever hiring someone to handle a repossession for you
that’s going to steal the items that are recovered – using your
lawful repossession has a cover for less than ethical and
illegal business practices. Speedy Repo documents the opening
and inventorying of all repossessed vehicles on video.
Experience has shown this is the best way to document what the
debtor left in the vehicle.
Believe it or not, this kind of thing happens
a lot more than most people expect or anticipate, and it’s
something you can only avoid entirely by working with reliable,
reputable, and trustworthy companies like Speedy Repo that
conduct full background checks on ALL of their employees.
With so many trustworthy companies out there
conducting background checks on their employees there’s
absolutely NO reason whatsoever not to work with an organization
like Speedy Repo that furnishes these background checks for your
inspection instead of moving forward with fly-by-night repo
companies you just can’t trust.
Confirm that the repo company your thinking
about working with has licenses to operate in your state.
The rules, regulations, laws, and repossession
procedures are different in all 50 states across the US, and
you’ll want to be sure that your repossession agency is not only
fully versed in all of the details but that they also have the
necessary licenses to operate in your state as well.
Some of the better repossession companies
operate as nationwide repo companies, and they always carry
licenses in any state that they may potentially end up doing
business in. An organization like Speedy Repo is a nationwide
entity with these kinds of nationwide licenses, giving you the
peace of mind, you need to rest easy knowing that your
repossession being conducted in a 100% lawful manner.
Again, you’ll want to be sure that you
independently verify that a repossession company has a repo
license to operate in your state. Some of the less than ethical
operations out there will carry licenses in a handful of states,
furnish proof that they have a license somewhere, and omit the
fact that they aren’t fully licensed to do repossession actions
in the state that you are hiring them to work in.
Those are obviously the kinds of repossession
companies that you want to avoid at all costs as they are only
going to make life a lot more challenging for you.
Try to choose repossession agencies that hire
local repo agents that understand the lay of the land and local
rules, regulations, and laws
While it’s always a good idea that you hire a
repossession company that carries a license to work in your
state, it’s also important that you try to work with repo
companies that hire local repo agents to handle the actual
These local agents are not only going to
better understand the local lay of the land and how to best find
the property that you are looking to repossess in the first
place, but they are also going to understand how to navigate any
local rules, regulations, and laws that may differ from one area
Some parts of the country have different laws
from county to county regarding repossession, and you’ll want to
be sure that the company you are working with isn’t just
licensed to operate in that area but that they also understand
how to conduct a fully legal repossession along the way as well.
There’s nothing worse than losing a court case
– and having to pony up a considerable amount of money AND
likely having to give back the property that wasn’t paid for in
the first place – simply because you hired a licensed repo
company to help but didn’t verify that they followed all of the
rules, regulations, and local laws for that municipality.
It’s always a good idea to inquire about the
driving records of all employees working for a repo company.
Speedy repo only hires repo agents with 2 points or less on
their driving record.
Background checks are going to provide you
with a tremendous amount of information about the kinds of repo
agents you are going to have acting on your behalf, but it’s not
a bad idea to look into the driving records of these employees
This is, admittedly, a little bit lower on the
totem pole (so to speak) when it comes to the kind of background
checks you’ll want to do into the employees of the company you
are thinking about doing business with but it can still provide
you with a lot of information you need to manage and mitigate
your risk just as much as possible.
At the end of the day, these repo agents are
going to be acting on your behalf and are essentially going to
be agents of your business and your operation – even if they are
contracted employees that you may never have met on your own.
You want to be sure that the company you are
working with is a company like Speedy Repo, employing only the
best, brightest, and safest repo agents in the business with a
track record for safe and lawful recoveries without hassle and
headache for their clients.
Make sure you get detailed information about
the insurance that prospective repo companies are carrying.
Every single repossession company (the
legitimate ones, anyway) are going to carry a variety of
different insurance policies to protect them, any property that
they cover, and protect their employers all at the same time –
and it’s vital that you get as much information about this
insurance protection as humanly possible.
Obviously, if you’re working with a repo
company that does not carry insurance you’ll want to run just as
quickly as you can in the opposite direction.
After learning that the repo companies you are
thinking about working with has insurance, it’s not a bad idea
further investigating the insurance protection they have by
contacting their insurance company directly.
This allows you to request information about
the “loss run” that a particular repo company has had over the
last three year policy. This is the information that shines a
light on the amount of insurance claims a company has made over
that block of time, and if you see a significant number of
claims being filed by a repo company you probably don’t want to
do business with them.
At the same time, even the very best repo
companies are going to have a handful of claims made over time,
and you’ll want to dig a little bit deeper into the information
that you uncover regarding these kinds of insurance claims.
Take advantage of repo companies that have
their own in-house investigative and skip tracing resources.
Repo companies like Speedy Repo that have
their own in-house investigative resources are essentially going
to act as your own bloodhounds, helping you to track down
property, to figure out when and how to best move forward with a
recovery process, and how to avoid as much confrontation and
conflict as humanly possible.
Companies that have these kinds of resources
in-house always have a leg up on the competition that have to
form of this kind of work. Obviously, you’ll want to be able to
provide as much intelligence to your repo company as you are
able to, but when they are able to furnish a considerable amount
of intelligence all on their own – and then game plan according
to their “boots on the ground” details – they really separate
themselves from the rest of the pack.
you want to be sure that you are always working with the right
experts to help you with a repossession, contact the folks at
Speedy Repo for more information about how they may be able to
better serve you moving forward.