Becoming a person who picks up repo cars can be a dream job for a lot of people. If you are making $10-$14 per hour, you are being grossly underpaid. You can make a lot more money as a repo man. Some repo man, are really good at their job and make up to $1000 per day. Your job description is relatively simple. It doesn’t even require you to get a college degree. All you have to do is go and collect repo trucks, cars, boats, and RVs that people have not been making their payments on.
During an economic recession when unemployment is high, there can be a lot of people who are falling behind on their payments. You work for the lender, usually a finance company or a bank, and for their best interest. Your job is to collect the collateral on these delinquent accounts. You generally get paid more for repo boats and RVs than you do for collecting cars. These cars and boats will be sold at car and RV auctions later on. A lot of times the amount of money that you get is based on the value of the repossessed item. A $5000 car repo may only pay you a fee of $150, wherein a $30,000 repo motor home, might pay you a fee of $300 or $400. It doesn’t take very many bank repo cars every day to make a decent income.
Another advantage of this business is that it is easy to start. You can start with just your car. You can work as an independent contractor and get paid on commission for every car that you bring in. At first, you’re probably going to have to deal with haggling with the owners and getting them to turn over their keys peacefully. Once you have a little bit more money invested into the business, you’re going to want to buy yourself a tow truck. This way you will be able to tow away the cars of even the hardest customers, at night when they are sleeping. This could turn into a dangerous situation so just make sure to contact your local police department and let them know what you are doing so that if you get caught, you won’t be put in jail.