While some repo companies pay their agents a weekly salary, the industry average, per car, ranges between $150 and $400.
Most repo men are repossessing about four to five vehicles per week, and a trustworthy repo agent who’s at the top of his game can easily clear about $4,000-$6,500 a month.
How do I become a repo man?
In order to become a repo man (or woman), you’ll need to:
- Learn about your state’s licensing regulations and other state laws related to repossession.
- Obtain the necessary licenses.
- Obtain a driver or a truck (a tow truck if you plan to repossess cars).
- Learn how to locate a missing person.
Do you need a license to repo cars?
Acquire experience as a repossession agent. Some states require an individual who seeks a license to run a repossession business to have one to two years of experience. You get this by working for an established repossession agency. Additionally, you need a secure area to park repossessed vehicles temporarily.
Can the repo man come on your property?
Even if you keep your vehicle on your personal property, a creditor can come onto your property in order to repossess it. If you park your car behind your house or attempt to hide it outside in a less visible area on your property, the repo man can simply walk onto your property and take it.
How can I stop my car from being repossessed?
To avoid repossession, know where your finances stand, explore your options, then call your lender. If you’ve missed a payment on your car loan, don’t panic — but do act fast.
Late Car Payments? Avoid Repossession in 3 Quick Steps
- Know what you owe and how much you can pay.
- Understand your options.
- Call your lender.
How long will a repo man look for a car?
Once the repo takes place, a repossession is listed on your credit reports for seven years and lowers your credit score. The act of repossessing your car and how long it takes depends on where you keep the vehicle and where you live.
Should I let my car get repossessed?
Since, in most cases, you can sell the car for more than the lender can, you probably would not have to pay back as much as if you let the car get repossessed. If you are planning to get another car, you may be able to roll over the remaining balance into the new car loan. This is called a voluntary repossession.
How much do airplane repo guys make?
That could mean anywhere from $10,000 to $900,000 per plane. Consider that an airplane repo man could feasibly grab 30 planes in 2 months…it’s easy to see why airplane repossession companies make millions. To get started in this job, become a licensed pilot.
How do you repossess a car?
To repo your car the smart and law-abiding way, here’s a quick legal how-to:
- Know Your State’s Repo Laws.
- 2. Make Sure the Debtor Is in Default.
- Locate and Verify the Car.
- Choose the Method to Repossess.
- Do Not Breach the Peace.
Photo in the article by “Wikimedia Commons”