Becoming a repossession agent can be a rewarding and stimulating career path. There are a number of repossession companies in Massachusetts looking to hire new agents all the time who can help them reach their company goals.
The first step in becoming a repo agent is to complete a training course, where you will learn the ins and outs of an exciting business. Training for this position differs by state, so it’s important to check with Massachusetts state licensing departments to ensure you go through the correct training to be certified to work in the state. In most cases, the training will include a collections agent training course, where you will learn the repossession laws of Massachusetts, and about the telephone and computer techniques you will need to use in your role as a repo agent. In some cases, it may be acceptable to become certified to work by taking the Certified Asset Recovery Specialist (CARS), a national certification program where you learn federal laws, the recovery process, contract law, defensive driving, ethics and insurance, all of which can then be put towards your career in Massachusetts.
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Given how challenging the repossession business can be, agents are encouraged to buy a surety bond, even if it isn’t required under state law. A surety bond is insurance for a repossession agent, and the state you’re working in will usually set the minimum amount required by a certified agent. This gives peace of mine to you and the people who hire you that you will be able to deliver on what they need, even if a situation goes south.
A repossession company in Massachusetts generally looks to hire a candidate with professional experience already, so it’s important to make time to work with repo agents who have already established themselves in the business and who can provide you with important practical knowledge you won’t get just from a certification process. This experience could be acquired through an internship or an entry-level post where your main goal will be to shadow someone hire up and watch how they handle their business within the industry.
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Car repossession companies in Massachusetts are a desirable landing spot for many aspiring repo agents. It’s important to understand the exact laws associated with these companies and what you will and will not be allowed to do in your role with them. For example, there is a right to cure law in effect for all Massachusetts drivers. Vehicles can’t be repossessed from property owned or rented by the debtor, so the repo agent must administer a Right to Cure letter, which is the lienholder giving the debtor 21 days to fix the situation before their car is repossessed legally by the agent. After the repossession, the debtor must be notified by certified mail (return receipt included) which dictates the lienholder’s redemption requirements, including whether or not the lienholder intends to sell collateral at a public auction or private sale. The debtor has twenty days to complete the steps required before the lienholder can proceed. Storage of vehicles where they won’t be damaged and open the agent and company up to liability from the debtor is crucial, and finding a vehicle repossession company willing to provide that level of security is of the utmost important to a successful repossession agent.
There are also times when a repo agent will have to deal with a repossession towing company. These companies deal mainly with repossessing vehicles and working with repo agents directly to ensure the vehicles they need repossessed are taken care of in a timely fashion. Vehicle repossession companies are the ally of a repo agent because they can help with the logistics of storing vehicles for the amount of time required by law that cars must remain in the name of the debtor before they can be sold at public auction, Car repossession companies are tasked with being a full service agency, committed to making the process of repossessing property as smooth and easy as possible. This won’t always be the case, but with the right training and the right repo agents working alongside them, car repossession companies can effectively do their job and make the right decisions based on the letter of the law.
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Another option for repo agents in Massachusetts is to work with aircraft repossession companies. In most instances of needing to repossess an aircraft is when someone has gone in over their head in purchasing a luxury small plane for their personal or business use, and then they are unable to make the payments or keep up with the terms of the lienholder. This is a unique situation for a repo agent to be in because in some cases the debtor, in trying to avoid the lienholder and repossession, will fly the plane to another country, and that creates an entirely new set of difficulties for the repo agent. But in a normal situation, there are aircraft repossession companies who work exclusively with aircraft companies and other lienholders to ensure the contracts are carried our properly.
Overall, what it takes to be a repossession agent in Massachusetts is a desire to learn and excel in a difficult industry. Getting the right training and certification, and following it up with practical, professional, hands-on experience, is how the repo agent will be most successful, not only in their own goals but in attaining the goals of the repossession companies they are working with.