Car repossessions are the most common, after all just about anyone with any credit can go to a new or used car dealership and drive away with a car. Amazingly around 6 years ago a statistic with one of our clients called Affiliated Financial was quoting that only a figure of around 6% sub-prime cars go out for repossession at all. I thought that number was extremely low and surely with the worsening economy that number must be growing since. Regardless of the percentage they claimed, the amount of repossessions they contracted out was at least 100 cars per month in Florida alone.
So just imagine between all of the finance companies, banks and in house car dealerships, car repossessions equate to allot of jobs each month nationwide.
I remember when first starting out as a repoman, I was hungry, I was depleting my savings from the multi-million dollar business I had previously that the economy at the time wrecked. It was ok as that glory lasted more then a few years and things change. it was time for me to enter a new realm, to learn a new skill set. I was lucky enough to be sponsored by two companies at the same time.
A Usual Repo Day at the Office
I would go in to work in the morning and do skip tracing for vessels and aircraft and in the evening I would do local auto repossessions with a company that had buy here pay here car contracts in mostly ghetto areas of town. I was happy for a few reasons. I was learning the game that I knew little about but learned real fast and I was quickly earning a good living again while to be honest, I was actually enjoying it.
The way the car repossessions worked at night was a special deal. I went to the owner and told him I would get my own contract with my own buy here pay here and if it was ok with him, I would split the profits, he was happy and quickly agreed.
I went and the first buy here pay here lot I found in a heavy ghetto area had there own in house repo truck and repossession agent. I went in and spoke to the finance manager. I told him that I was an expert skip trace agent and that I would take all of the repo’s that his agent could not do in house. He asked me how much and I quoted him $400.00 each and told him that I would need keys to each unit.
He was happy and I had my first car repo job. All I had to do was skip each car, locate and pick it up. It was the best of both worlds for me as I was learning how to locate extreme skips with the best at my day job and utilize this skill to locate these hard to find cars at night. I was able to find each and every car the new dealer had given me. In fact I even hired an assistant to drive me back to my car after each repossession.
In that couple of years prior to working only with boats and aircraft, I learned all there was to know about car recoveries. After moving up the latter in vessels and aircraft, I started traveling daily nationwide and worldwide so I had to give up the night time car repos, but it was a nice experience and I learned a tremendous skill, no matter what happens in life I can always go back into repossession if need be.
Automobile repossessions can be a rewarding job choice. Surely you have to have the stomach for it. To this day, I can still feel the knot in my stomach on certain cases. Check out our blog for some of the past stories.