Finance, Credit and Repossession Information Resource

Where to begin or start over in repossession

Over the last few months I have received many emails from those seeking advice as to where to start or asking if I had any connections into the repossession field. I even received a call from someone interested in getting into the aircraft repo game and wanted all the info I could give him and I told him flat out not to waste his time. Truth is in this game, especially the higher end game of repossession there are no banks going to start giving some newbie no name repoman multi million dollar aircraft or yachts. It just doesn’t work that way, there are financials involved, there are credit reports involved, there is bonding and insurance involved and I don’t mean the million dollar bond that all these local repo/tow companies get when they buy an insurance policy with them. Even with all the above, if you don’t have a name in the industry, you simply will not get the job bottom line. Have you heard of the good ole boy regime. The Rollins College scenario that makes Rollins such a good school.

Its not what you know, its who you know

Once you become known in the repossession game by the banks as one of the very few top investigative repossession companies, they will tell the other banks who you are. Banking executives always talk among each other in this game and that’s just the way it is. In my case, I had solved hundreds of fraud cases that no one else solved or wanted to devote the time and effort into, I had solved stolen identity cases that were back breaking pains in the asses but my work ethic and passion brought me through and just as suspected it brought me into the upscale world of repossession. Going from 7 figures in Porsche sales to zero due to a garbage economy will make most men have the urge to make it back.

Make it happen in the repossession world

My only response to these emails and calls is to make it happen. Start at the bottom, there is no short cuts. Don’t make excuses, if the buy here pay here lots are saturated or using illegal repossession companies at night that you can’t compete with, go to the next town over and try there. I remember at rock bottom the first week I had my license, I worked the garbage, the ghetto, the farms. I never had a tow truck or drove on so I remember driving through 5 mile long orange groves at 3am in the dead fog in search of a car that was at one of the samll farm homes at the end of the grove. I remember knocking at the doors at midnight in hopes of some info leading me to a debtor at least an hour from home. Yeah, it’s the garbage but you know what, it paid the bills, the mortgage, fed the family and word spread that I was the guy that didn’t go home until the car was found. There are little expenses if you become a car repossession agent and do it the right way. You don’t need employees(maybe a helper or driver on commissions only), you don’t need expensive repo trucks or insurances or even a large lot. These are just excuses that become obstacles and block your way from getting into the repossession business.

The buy here pay here lot that I started with had there own repo truck and repossession agents. I went in there and said I would make them an offer they couldn’t refuse. I told them to just give me the repo’s that there in house guys couldn’t get. For some crazy reason, I got 100% of them and the orders kept building up, I didn’t need another buy here pay here lot. They kept me busy with at least 3 to 5 repo’s per night, I mean why not. I was doing $1,000 plus skip tracing included in the $300.00 price of the repossession, an awesome deal for anyone. Point is that when you need to make it work, you make it work.

Actor and actress wanabees leave there hometowns and head to Hollywood with a dream in a country known for making the American dream come true. Although only a small percentage of those make it to the big time, surely they still get to live the American dream in some other gig that comes around in the area. Or simply getting a decent job and working there way up while coming to grips that they gave the acting thing a go and it just isn’t happening. I give them props for taking a shot, making a move on such a small percentage career type.

It wasn’t long after that my gig was increased to the upscale repossession world and time to move on and say goodbye. If things turned out badly, there is no doubt in my mind that very same buy here pay here lot would load me up again with a bunch of repo accounts.

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