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1. There is not any easy way to start a repo company these days and thats because of every rookie out there going out and doing what they think is a repossession when in all reality there stealing a car and causing drama and fights with the registered owner. Most new people in this field of work do it because of what they see on tv aka Operation Repo , Lizard Lick and all the other programs that are out there IF YOU TRY IT THERE WAY YOU WILL EITHER END UP IN A COFFIN OR IN JAIL REAL QUICK !!!!! Yes you have some drama out here but not even the amount that these tv shows try to make it out to be . They have given our industry a really bad reputation . To be quite honest with you i did not have to many problems until they did come out !!!! Remember all states have laws against breaching the peace and any good repossession agent will tell you they hate drama HELL most of us prefer not to even see the people were reposing because the police are not on our side we repo them too !!!!
2. You have to have alot of money to even start up rough estimate 80,000.00 just to get going. My average fuel bill is 150.00 to 200.00 a day just to run 1 of my trucks and i have 4 of them. Insurance runs about 2000.00 a month and then there is the repossession bond through the attorney generals office you have to think about so you can see my point. If you think you can just get a truck and start repoeing THINK AGAIN !!!! It will cost you more money if your not insured and bonded and get caught up in a criminal case and could very well wind you up in prison !!! I will tell you Colorado changes repossession laws on a weekly basis and its all because of people coming into this field of work that dont have a clue of what there doing. I am constantly reading the laws and keeping up to date on them. It only takes breaking one of them for a judge to throw the book at you . This job is all a civil case for the person your repoeing from which means it can become criminal for the repo man very quick if he does his job wrong and then you can get sued on top of it all. I worry more about these issues than someone pulling a gun on me !!!
3. Pretty much all repossession companies do more than just repo we do roadside assistance or impounds and private tows too . We have to just to make everything level out at the end of the month or we can loose our butts real quick . This is a real cut throat business and you will always have competition. In this line of work your reputation is everything so if you screw up it could cost you your business . If all of this does not change your mind email me with any questions at nochancerecovery@gmail.com and i will answer them as best that i can . I must warn you i am a straight shooter and i wont blow smoke up your butt i will only tell you like it is !!!
nochancerecovery@gmail.com || Repo Business Expert
When entering into the repossession business you have to realize that there are asset recovery companies already depending on the same banks and creditors that you are seeking to solicit. So beware of stepping on their toes so to speak, or you will piss them off! You could try to solicit business from them. Some of the already established known repo companies are overloaded with repossessions and may be inclined to sub out any surplus work to you... IF you are up and up and really want to make a good name for yourself. No good comes from trying to screw someone out of what they have worked hard to get..So be very careful when breaking into this business even though there is plenty of work in the repo field due to this unstable economy.
The most costly thing is the repo business is INSURANCE!! YES THATS RIGHT! Just starting out you will be hard pressed to find a insurance under 10k a year.. and that's just for drive away only insurance.. Do your homework before jumping in and thinking you will be making allot of money your first time out.. It will take awhile before you get breaks on insurance until you show that you aren't a huge liability. Until you prove to the insurance companies that you are worthy of cut rates, you will be stuck paying high premiums.
Oh and DO NOT try to run your repo business without insurance or you will be asking for HUGE trouble in doing so. Not only that..most banks etc wont let you touch their assets without having insurance.. Yes! The banks have insurance on vehicles but that doesn't cover you trashing it should get into an accident while hauling or driving it to the hold facility. Other than that? Good luck!