Property repossession is a growth industry, as more and more people find themselves unable to honor rental, leasing, purchase and credit agreements. While many industries have suffered from bad economic times, the repossession business is alive and well, growing at a rate thought to be impossible just a few years ago.
Repossession of property is a specialized investigation art, involving aspects of locating and seizing assets. Repo men are experts in legally stealing items, as well as taking control of items through court order and even through force, if need be.
This fascinating discussion focuses on the lucrative repossession industry and details some of the lesser known facts about legal lien enforcement.
Types of Property Repossession
The most common type of repossession service is certainly vehicular repossession. This involves taking a car, boat, truck or motorcycle back for the bank or lien holder, once a buyer or renter has defaulted on their credit agreement. However, many types of property can be repossessed, including appliances, furniture, real property and any other item which may be bought through credit and positively identified.
Repo agents are specially trained to take back an item with as little damage as possible and return the asset to the rightful owner with minimal drama and risk. In order to accomplish these objectives, repo men rely on expert training, stealth, muscle, intelligence and most importantly, the full protection and cooperation of the law.
Property Seizure Information
It can be a real challenge to repossess an item, since most often, customers who default on payment will flee to prevent seizure. Even if the customer does not flee with the item, they will usually hide it or otherwise make it unavailable for repossession. This lack of cooperation makes the repo process far more complicated, since the repossession agency must first use skip tracing to find the person who is in possession of the item, then they must locate the item itself.
Once located, the item must be taken away with as little risk to the repo agent as possible, often secretly or in the middle of the night. Some people are known to prevent repossession by keeping an item locked up or protected with dogs or even human guards. However, the best repossession agents will always find a way to access the property, since the letter of the law is always on their side.
Property Repossession Advice
Some naive people think that they can prevent repossession, but they are virtually always mistaken. Although these troublemakers can take proactive steps to make the job difficult for the agent, eventually the property will be seized and returned to the rightful owner. The longer the process takes and the more damage must be done to the property, the greater the liability of the defaulted customer when they are sued in open court.
Remember, typically all repossession costs are chargeable to the deadbeat under the original credit agreement. In the long run, these people often must pay far more than the cost of the item alone and are usually subjected to judgments, liens and even further repossession efforts to satisfy their financial misdealings.
If you are interested in a career as a repossession agent, consider the actual nature of the vocation very carefully. This job may be exciting, but can also be dangerous and entails working long and odd hours under extreme chronic duress. However, for the best of the best in the repossession sector, the financial rewards can be great and there is certainly no shortage of work to go around.