If you ask anyone in the business, they can tell you that jobs in repossession are not for everyone. It takes a particular sort of person to be successful in that kind of work.
In basic terms, automobile repossession (vehicle repossession) consists of the identification, removal and relocation of vehicles upon which a certain amount of unpaid debt is owed. In the United States, there are some regions in which a car or other vehicle can be repossessed even if the vehicle insurance on it is negligent or unsatisfactory. The actual hands on work usually requires a tow truck, a commercial vehicle license, and a bit of moxy.
Vehicle Reposessors and vehicle repossession firms
Some vehicle reposessors work for firms that are contracted by the party that has ownership of the vehicle specifically for the purpose of repossession. These repossession firms usually work only in repossession, and drivers will be sent out to residences or places of work to collect the vehicle. They are often small businesses and are usually local and sometimes even family run. Other repossession work can be found with the actual financial firm in charge of identifying outlying debts and collecting property and funds to settle the discrepancy.
Whether the employment is large or small, urban or rural, it is a much needed service within the American economy. Especially in the difficult economic times of the last ten years, many people find themselves living outside their means, and in fact do their personal finances more harm than good by continuing to dwell in long term debt and possible bankruptcy.
While repossessing someone’s vehicle may seem cruel to some, it is important to note that in many cases the repossession back to to the owner can help to settle the debt and free the person leasing it from owed payments. It goes without saying as well, that victimization of the debtor is usually how the public views these situations, but in fact is not always the case. Those who lease out vehicles are also american citizens and depend upon lessees to make payments so that they can run their businesses successfully, and support their own lifestyles and families.
While in some states cars can be repossessed the instant a payment is not made, in most locations there is more leeway than that, and the party responsible for the payment has in fact allowed their debt to get out of hand.
Dramatic repossession occasionally
In testimonials, repossession workers do write of the occasional wild or dramatic repossession. Sometimes guns are fired, or insults shouted at drivers who are generally just doing their jobs. While some say that this adds to the excitement of the work, most of these cases are rare and the vehicle lessee is not present when it is towed.
Many repossession drivers own and operate their own small vehicle repossession businesses, allowing them more control and freedom with time and work. Many report entering the business from another automotive or towing related field, and claim a great deal of job satisfaction. While the ethics of vehicle repossession may seem repugnant to some, upon investigation most find the work both available and integral, and for many, even enjoyable.