How to Hire a Repossession Services
(Almost) Everything You Need to Know about Hiring a Repossession Company
Repossessions are almost always tricky business.
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 right).
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 straightforward.
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 this industry
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 during repossessions.
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 action.
Insist on working with repo companies that perform top to bottom background checks on all of their repo agents.
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 violence.
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 spectacularly.
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 repossession action.
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 to another.
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 as well.
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.
If 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.