Auto repossessions jumped 12% in 2008 to 1.6 million. How can you make a recession economy work for you? And, more important, how can you build a lifelong career from it? If you guessed reselling vehicles from repo car auctions, that's certainly an option. But, with the auto industry in the dumps, you'll have to buy and sell a lot of repo cars to earn a living.
There's a better way. Because there are very few repossession agencies and the demand for repo agents is snowballing, you could earn six-figures a year as a repo man. It takes hard work, but it's possible. There's no better time than now to profit from repossessions. While owning an auto repossession business is not for everyone, if you possess these traits, you may have what it takes:
Trait #1 - Patience and a Strong Work Ethic
Make no mistake. This business is not for the lazy. As a repo man, you'll work many long nights looking for cars. Some nights you'll bring home five vehicles; other nights - none. If you're patient and you're willing to put in the hours to get the job done, you'll be rewarded. Otherwise, this business is not for you.
Trait #2 - The Mind of a Private Investigator
Most auto repossessions go down without a hitch (no pun intended,) but some people try to evade the repo man. That's why you'll need ingenuity (or team up with someone who is,) so you can track-down elusive debtors. Contrary to popular TV shows, it's illegal to get information about debtors using false pretenses. That's called pretexting - which is prohibited in the United States by the Gramm-Leach-Bliley Act. Finding out information about consumers is a lot less dramatic and exciting. You may invest hours looking through public records databases and calling on leads. Which brings me to the next trait...
Trait #3 - Honesty and Integrity
Some repo men break the law, but there are serious consequences including getting sued or even going to jail! Not only that, if you gain a reputation as a lawbreaker, you'll lose business because banks and dealerships don't want to ally themselves with dishonest businesses. You'll need to educate yourself about state repossession laws and federal debt collection laws. Armed with this knowledge, you'll build a strong following and get much more business by word-of-mouth because of the good (and honest!) job that you do. If you possess these traits, a career in the auto repossession field could be for you. Because banks pay as much as $500 per repossession, there's money to be made if you're willing to invest time in educating yourself and hard work in growing your repo business.
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