Did you know that auto repossessions jumped in 2010 to 1,900,000.
How can you make an economy in recession work for you, and more importantly, how can you build a lifelong career out of it?
If you were thinking about a career in vehicle recovery industry, your not alone, that is certainly a possibility, but with the tanking of the auto industry, you need to buy and sell many repo auction cars to earn a good living. There may be a better way.
Because there are very few repossession agencies, and the demand for repo agents is snowballing, hard working people with minimal education have an opportunity to earn a good living.
I understand that its hard to beleive that repossession ageents make a good living, but it’s true. The timing is good for hard working people to break into the repossession industry, but it takes a good work ethic and guts to take control of your life, and build a successful repo agency.
While owning an auto repossession business is not for everyone, if you possess these traits, you may have what it takes:
Trait #1 – Honesty and Integrity
Some recovery agents do break the law, but for these people there are serious consequences, including prosecution or even jail! Smart repossession agents know that confrontation during a repossession should be AVOIDED.
Simply put, confrontation is a liability and many times will cost of your company a lot of money. Not only that, but if you have the reputation of being confrontational, you will lose customers because finance companies would not want to deal with a repossession company that will willingly risk their property by engaging in constant confrontation.
To set yourself up for success, educate yourself about your state repossession laws, and federal debt collection laws.
Prepared with this knowledge, you’ll build a strong following and get much more business by the power of word-of-mouth because of the great (and honest!) job that you do. If you possess these important qualities, a career in vehicle repossession might be for you. Because banks pay as much as $500 per repossession, there’s money to be made if you’re willing to invest time in learning and educating yourself.
Trait # 2 – The Mind of a Private Investigator
Most repossessed vehicles seized, occur without incident, but some try to avoid repossession agents. That’s why having some trusted help by your side is important. When starting out, its almost impossible to do all the work yourself. Don’t burn yourself out, because having help is useful when tracking down those elusive debtors too.
Unlike many popular television shows, it is illegal to obtain information on debtors through false pretenses. That’s called pretexting – which is prohibited in the United States by the Gramm-Leach-Bliley Act. Tracking down information on the debtors is sometimes challenging. It’s not a very exciting process, and you may invest hours looking through public records databases and calling on leads. So stick with it and be persistent.
Trait # 3 – Patience and a strong work ethic.
Don’t get me wrong. This business is not for the lazy type. As a repo man, you work long nights on the lookout for cars. Some nights you finish after repossessing 5 cars, other nights – none. If you’re patient and you’re willing to put in the hours to get the job done, you’ll be rewarded. Otherwise, this business is probably not for you.
Want to learn how to become a well-paid repo man?
Click here to learn how to get my complete repo business course for less than 11 cents a day…