The American Repossessor

With the advent of  the continuous changes within our industry it is vital that repossession company owners ensure that all the Field Agents that work for  them are completely knowledgeable  with the Repossession Laws within the States that you conduct your business.

The old saying ..”Knowledge is Power….” supports all that we do within our daily lives, but even more so when you are trying to earn a living.  The more knowledgeable the Field Agents are, the more repossessions they will have.

Of course, there are no expectations that they have to be an attorney, but there are expectations that Field Agents are provided with the tools to do their jobs.

Do you realize just how liable you are if your Field Agents do not know the repossession laws? Read the article written by Mike Howk of RSIG and that I think will give you a good understanding of what this is all about.

Field Agents need to work smart and not hard and by having the basics of repossessions laws within their knowledge base, they will stay safe and in control of the repossession process.

In today’s economy the debtors are becoming much wiser to laws that protect them.  An example of this are that  every State’s Attorney General’s Office (check www.naag.org – this is the National Association of Attorneys General and they list all the Attorney General Offices in the United States and their contact details)  publishes consumers rights in relation to having a vehicle repossessed.

A recent article on 20 October 2009 appeared globally on many news websites eg., http://www.hawaiinewsnow.com/Global/story.asp?S=11347321, www.wrex.com, www.wmctv.com, www.live5.com, amongst others, that also highlights consumer rights on having a vehicle repossessed.

In addition to the above, we also have the Better Business Bureaus providing debtors with their consumer rights http://ct.bbb.org/article/connecticut-better-business-bureau-offers-tips-on-avoiding-car-repossession-12879

And let’s not forget about the wonderful TV programs  (NOT!) relating to the repossession industry as they definitely inform the debtors how to prepare themselves should their vehicle be repossessed.  Unfortunately, this kind awareness is extremely negative and often alarms the debtor into taking actions they may not have previously, in protecting themselves and their property.

The knowledge for the debtors is definitely out there in abundance and much more prevalent than ever before.

You as repossession company owners should provide your Field Agents with Field Agent Manuals that not only follow the processes and procedures you have in place for them as guidelines to successful repossessions, but within them too should be the Repossession Laws appertaining to the States you carrying out repossession services.

Add more value to your company’s credibility by increasing their knowledge and get your Field Agents certified and trained eg., RSIG, CARS etc., basically something  that is professional and qualitative within the marketplace that adds standing to your company and your employees you should be pursuing and enforcing.

Additionally, if you are not a member of an Repossession/Recovery Trade Association, you should consider becoming one as they too can help you with the correct guidance and information necessary for you to keep your people legal.

Within client contracts there are so many clauses that a repossession company owner needs to meet if they are to consider doing business with that financial corporation.  Be ready, be lawful and remember to treat the debtor with the integrity that you would wish someone to treat you, as your Field Agents not only represent you in the field, but your clients too.

It is the minority of repossessors that are attributed the label of ‘unprofessional’ and lack integrity, and unfortunately they think that they have the right to judge debtors and that the debtor is someone that deserves no respect.  Unfortunately, for the remainder of the repossession industry, we are judged by our weakest links.

We should all know that often it is external circumstances that leads a debtor into the situation they find themselves in, in having to have their vehicles repossessed, and I have come across the majority  that willingly co-operate throughout the repossession process.

Many of our Field Agents get caught up in the macho, Neanderthal approach that these so called TV program repossessors  have and that they seem to proudly avail themselves to being recognized this way.

‘Just take care that your arrogance does not antagonize the debtor enough that they will take legal action, not only against you, but the company and the client too.

And who is the smart one now?