Frequently Asked Questions (FAQ’S)
What is a Repossession agent?
Repossession is a term used to describe when an actual owner takes back from the borrower an object that was rented or leased, or was borrowed, either with or without compensation, or when a lienholder takes possession of an item from its registered owner that was used as collateral for a loan.
What Is the Average Salary of a Repossession Agent?
According to Indeed, in 2014, the average salary for a repo man is $32,000 per year. According to Forbes, aircraft repossession agents make an average annual salary in the six-figure range. Repossessing an aircraft pays repossession men an estimated 6- to 10-percent commission based on the plane’s resale value.
U.S. News reports that the repossession business has seen an upswing as of 2014 due to more banks needing to take back cars because of loan default. In addition, the industry has modernized. Repossession agents use more high-tech means of finding vehicles that helps them avoid difficult conflicts with irate people. Repossession Agents use smart technologies to track vehicles. License plate scanning systems involve placing several cameras on top of the repossession vehicle. Scanned plates are matched against a database of wanted or stolen vehicles. These systems cost thousands of dollars. GPS tracking devices are a cheaper alternative to cameras. For $200, the repossession agents can track cars once a Repossession Agency invests in the necessary database software. Some Agencies special payment reminder boxes installed in cars under strict lending terms. These devices emit an audible alarm when payment is due. When payments are missed, the Agency controls the ignition and can easily disable the vehicle before a morning commute.
Repossession license information for Florida and How do I become a repossession agent in Florida
To apply for a Florida Repossession agent license and work as an agent, you must:
•Be at least 18 years old
•Undergo a criminal history background check through the Florida Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI); and
•Complete a 40-hour course of required training. The training and exam is administered by The Recovery Agent School of Florida located in the Tampa area (Previously known as Direct Protective Services of Hollywood, FL) and who has been certifying potential Agents since 2008. They are a credible licensed Recovery Agent School registered with The Florida Department of Agriculture and Consumer Services Division of Licensing. To confirm its legitimacy, you may contact the Division of Licensing at (800) 435-7352 and give them the RS and RI numbers listed on the front of the website page.
Employees hired by a repossession agency to recover property must be registered with the Department of licensing and hold a Recovery Agency License known as an R License. To be eligible to apply for registration as a repossession agency employee, you must meet the following requirements:
To become a licensed repossession agent in Florida you must take a 40-hour course and exam. The classes and exam are very helpful as the repossession industry is a complex industry that is many times portrayed different then it really is. The only way to understand this is to work doing it and you will learn soon enough that the TV series are not real, then follow all these steps to get you started. It is not a very simple journey but we all have to get through to make it in the field if we so choose. It is important to remember that acting as a repossession agent in Florida without a license is a crime and Florida takes its licensing requirements very seriously. Make sure you contact the state directly to find out if any new regulations have been added and if any changes have been made in the recent years.
Exam and Schooling involved
The best way to do it is to contact repossession companies in your area and ask them to sponsor you. Once you find someone to sponsor you, you can go to The Recovery Agent School of Florida to learn the legalities by taking the course. Once you take your exam, the state will give you a temporary license while under sponsorship. Make sure your repossession company logs your hours. The last thing you want is to find out after your internship that they didn’t log any work performed and you would have to start all over again.
Once you have your license, Florida is a tough state to do repossessions, there are many regulations involved and the state will come by your Agency’s office out of the blue, looking to write tickets for trivial things. Some of those things include logging individual property correctly or sending out certified letters on time within a brief period after the repossession. They will check all employee documentation, they will check all licensing. The regulations are changing constantly so a person needs to stay on top of it. If you follow the book correctly you should have no problems with fines or warnings. As a repossession agent in the state of Florida you are governed under Chapter 493. You must be licensed by the state of Florida, you must not have any previous felony charges, or you will be denied.
How long is the test & how much time do I have to study?
The Recovery Agent test is designed to be taken within 2 hours and will timeout after that. You may finish the test before the 120 minutes is up, and we grade your test based on a score out of 100 questions, with 75% needed to pass. Once you sign up, you will have access to the State Manual Curriculum of which you have 14 days access to study the manual before it expires.
I want to become a Recovery Agent but I cannot attend classes for 40 hours by traveling far distances.
That is why I have developed the course on line. Having attended night schools to achieve Master and Bachelor degrees for more than 10 years, I know how burdensome it is to commute to a classroom. The on-line course is the same requirements as the classroom with the exception you never leave your home and you study at your own pace and achieve the same certification.