Among the different types of repossession jobs are automobile repossession, boat repossession, equipment repossession, aircraft repossession and real estate repossession. Repossession jobs can be performed on a freelance basis or while working with an established repossession business. Banks and other lenders hire repossession agents anytime there is a need to recover property due to the nonpayment of a loan or a lease agreement.
At one time, the job title given to individuals who worked repossession jobs was that of repossession man or repo man. Repossession agent, however, is a term more appropriate in describing women and men who work in the repossession business. Most jurisdictions do not require a repossession agent to undergo any specialized training, although certain repossession jobs do require specialized skill or specific knowledge in safely removing certain items without damage to the equipment or its surrounding property.
Automobile recovery is probably the most commonly known type of repossession. In these jobs, a repossession agent is often expected to work late hours and have experience locating and removing an automobile. Most professional repossession agents are adept at retrieving a vehicle without an owner being aware that it is being taken.
Other repossession jobs, such as aircraft and boat repossession, require a repossession agent to be licensed and experienced in piloting these vehicles. Like automobile repossession, an agent working in one of these repossession jobs will have the task of locating and removing a vehicle. Unlike automobile repossession, however, a repo man or woman must know how to research records such as fueling records, docking records and even aviation records to locate an airplane. Often, a repossession agent will take a skilled mechanic along to assure that the vehicle is in operational condition before legally stealing it for the lender or lien holder. Once the vehicle is located, a repossession agent must know how to properly remove it and safely deliver it to a predetermined location.
Equipment repossession may also require special skill for the removal of equipment. This is particularly true with heavy machinery, such as magnetic resonance imaging (MRI) equipment and other equipment employing radiation technology. Unlike automobile, boat or aircraft repossession jobs, these repossessions typically take place during normal business hours and with the owner’s knowledge.
In cases where real estate has been foreclosed upon, in some jurisdictions a repo agent is employed by lenders to take possession of property. In order to do so, a repo agent must be able to explain the legalities of the repossession, as well as deal with irate property owners. These types of repossession jobs call for skilled real estate professionals with special knowledge in the areas of repossessing properties on behalf of a lender due to defaulted mortgage loans.