By Sean Stillmaker
A silver Chevy Impala creeps down the street at 2 a.m. stopping at an address. The driver pulls out a black mag light, confirms the license plate of the car in the driveway and slowly moves on. He stops at the police station, turns over paperwork and meets his partner back at the address.
The partner backs in his Chevy Silverado equipped with a tow lift. Within five minutes the car is lifted and property cleared without their presence known, another repossession complete.
“The majority of our repossessions are done out here at night where we never meet the customer, and we prefer it that way,” said Fritz Fritzgerald, repossession field agent of Republic Recovery Service.
Unlike what’s shown on TV, the repo men of reality adhere to professional standards that don’t get into altercations with debtors, don’t carry firearms and prefer stealth movements.
“Unfortunately these shows are on TV, people watch them and think this is repossession; it’s not, it doesn’t even come close to it,” said David Knopp, owner and operator of Republic Recovery Service.
Knopp has been in the repossession business for 30 years experiencing all the trends. The job demands grueling hours where agents scour the area extending beyond a 100-mile radius of their Blue Island location.
Assignments are issued from finance companies and pay is based off the recovery of collateral – cars are most commonly repossessed. However, repossession is the last stage a finance company wants to resort to because it’s a losing end. The company doesn’t make money on repossession and the customer increases their debt.
“The only way to make money repossessing cars is the Sam Walton way of doing things, Wal-Mart, volume,” Knopp said.
Repossession is highly competitive because they’re paid on commission. Republic Recovery Service thrives because it maintains a consistent volume. Between 25-30 cars are repossessed in week.
In 2009 at the height of the recession there were 30 assignments coming in daily. The chaotic volume has now subsided, but they may not last long. Knopp speculates that repossessions may spike again from customers who participated in the cash for clunkers program.
Repossession is a dangerous business, but contrary to public thought, the most dangerous element is driving from point A to point B. Agents are on the road at night where they’re susceptible to drunk drivers. Only one repossession agent at Republic Recovery Service in it’s 30 years died on the job. The agent died in a car crash from a DUI driver.
The other dangerous element is repossessing the vehicle. When a debtor sees someone by their car in the middle of the night their first reaction is a car thief. If the debtor rushes outside to confront the situation an agent immediately calls them by name.
“That usually slows anybody down,” Fritzgerald said. “No car thief who’s out stealing your car is going to know your name.”
The debtor then will go from defensive mode to bargaining mode. They’ll plead to work something out or play on the agent’s sympathies, but the end result will be a give up.
“We don’t have the power to negotiate,” Fritzgerald said. “We’re issued an order, we take the vehicle.”
The best way to repossess a vehicle is to use a key. Agents can cut keys on early model cars or they can have keys made from a locksmith. Using a key decreases exposure time and the agent won’t have the background noise of a loud diesel truck to blow his cover.
The most popular keys cut by a locksmith are for a Pontiac G6, said Brian VanDenburgh, locksmith. New model cars have a transponder in the key where the engine won’t turn over without the right key.
Agents don’t like committing the tow truck because it increases the risk. Back in the 80’s tow trucks were not used, agents “tooled the lock,” Knopp said. But because automotive technology advanced a tow truck is now needed.