When times are tough financially, it can feel like you’re juggling an impossible amount of bills. The threat of car repossession may be a daily stressor in such circumstances. To learn more about how car repossession works, read through this article and find out what to do if your car gets repossessed. [Read more…]
How to Become a Repo Agent in Pennsylvania
Being a repo man or woman is a challenging but lucrative and rewarding job. As a repo person, you’re responsible for recovering unpaid property from borrowers who can’t repay their credit or loans to the lenders. You may work for various lenders, including credit unions, banks and financial institutions, that may hire you either directly or via a debt collection agency.
In most cases, repossession agents retrieve property such as cars, trucks, motorcycles, boats and other equipment, including televisions and refrigerators. Typically, a lender has the right to repossess property when the borrower defaults on payment, with no need for police or court involvement as long as there’s no breach of peace.
What Does a Repossession Agent Do?
When a loan borrower is unable to repay their loans on a vehicle or property, repossession agents reclaim the property voluntarily or involuntarily. The agents use various methods of collecting these items — and when it comes to cars, tow trucks are usually the go-to option. Generally, depending on your skills, becoming a repossession agent is a job with many benefits. Here’s a closer look at a typical day for repo agents so you can decide if it’s the right career for you.
Do You Need a CDL to Drive a Tow Truck?
Do tow truck drivers need a CDL? In most cases, the answer is yes. Commercial driver’s license requirements vary depending on the size and weight of your vehicle and trailer. Most tow truck operators will need a specialized tow truck driver’s license to operate a commercial vehicle.
Guide to the 4 Main Types of Tow Trucks
Tow trucks come in various styles to serve different applications, such as hauling a wrecked car to a junkyard or transporting a disabled vehicle to a repair shop. Typically, tow truck companies rely on a few main types of tow trucks and wreckers for their daily operations. When you know the main differences between the types of tow trucks, you can be better prepared to select the right one for your company’s needs.
Find out more about the main kinds of tow trucks and the value of hidden wheel lift models below.
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Are Tow Trucks Emergency Vehicles?
Are Tow Trucks Emergency Vehicles?
While there’s no doubt police cars, ambulances and fire engines fall under the category of emergency vehicles, you may have wondered whether tow trucks also match this description. Are tow truck drivers first responders? Is a tow truck an emergency vehicle? Though the answer is technically “yes,” regulations regarding their use are somewhat different. Read this guide to find out more.
How to Get Started With Repo Contracts
When a borrower fails to make payments, someone has to reclaim the unpaid item. To perform this task, most lenders hire a third party — cue the repossession agent. A repossession agent collects unpaid items from borrowers and returns them to lenders so the lender can recoup their losses. It’s not an easy job, but it can be highly profitable.
Learn about how the auto repossession process works and how to become a reputable repossession agent. You might want to kick-start your career with one of the established high-end repo companies and later move on to freelancing.
What Are the Normal Operating Expenses of a Towing Business?
Starting your own business can be as exciting as it is profitable. By starting an independent towing company, you get to be your own boss and provide an essential service to your community. People will always need towing services as long as there are cars on the road, and you can set yourself up to answer the call. So, how do you start your own towing company? To help you get started, we’ll go over all the initial and ongoing expenses you need to know about.
Initial Tow Truck Business Expenses
The main initial expense when opening a tow truck business is the truck itself. How much does it cost to buy a tow truck? The answer depends on the kind of vehicle you want and the current market. A new light-duty tow truck will be on the lower end of the spectrum, although still more than many used vehicles. On the high-end of the price range, an ultra-heavy-duty tractor-trailer can handle even the biggest towing jobs. You might choose to take out a mortgage, which lowers your initial costs and raises your monthly expenses.
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OSHA Requirements for Tow Truck Drivers
According to the National Institute for Occupational Safety and Health (NIOSH), the tow truck industry is among the most dangerous. The motor vehicle towing industry sees 43 deaths per 100,000 workers, compared to the national average of 2.8 per 100,000 workers.
As an occupation that spends a lot of time on the road and dealing with heavy machinery, tow truck driving has plenty of opportunities for hazards. Besides the potential for crashes while traveling to and from sites, drivers spend time on the sides of busy roads. An improperly lifted vehicle can roll backward, and debris from a damaged car can lead to cuts and other wounds. Following some tow truck driver safety tips can save lives and prevent injuries or dangerous mistakes.
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How to Become a Repossession Agent
A majority of Americans take out loans to pay for their new vehicles — as of 2019, total auto loan debt in the U.S. was nearly $1.2 trillion. Instead of borrowing to buy a car, about 30 percent of drivers decide to lease their vehicle, effectively borrowing the car from a dealer for a set amount of time.
Those who finance or lease a vehicle are expected to pay the lender or dealer according to the terms of the loan or lease. If a driver stops making payments, the lender can repossess the car. About two percent of car loans and leases in 2019 were delinquent, meaning the driver was at least 30 days past due on paying.
Someone has to have the job of repossessing delinquent vehicles. Depending on your disposition and skill set, that someone could be you. In this guide, we’ll discuss the process of becoming a repo person and what it takes to become a repo man.
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