I'm a dealer in Minnesota.wondering if anyone can tell me if I need repo insurance if we are doing are own repos?

Views: 553

Reply to This

Replies to This Discussion

Check with your state Dealer Commissioner. If you are a dealer and only doing a repo on your collateral I would think not. In Kentucky we do not.

As far as I know you don't in MN. I never carried it and did a fair amount of my own repos. Just make sure you have your ducks in a row first to avoid a bad repo lawsuit.

I would concur with Dennis...Check with your state requirements....Here it Nevada that would be the DMV and we are suppose to use a 'licensed' repo company.  I used to repo my own cars, cowboy style when I first got started because I wasn't aware of the law.  I didn't get in any trouble thank Goodness, but I do it the right way now.

RSS

© 2017   Created by Greg Goebel.   Powered by

Badges  |  Report an Issue  |  Terms of Service