If someone told you that you could earn a six-figure income per year in a slumping economy without any college degree, you’d definitely think they were out of their minds. The truth is that car repo business owners are making a killing. As the economy gets worse their business only gets better and better.

How Much Do Car Repo Agents Make?

If you start your own car repo business, you can expect to get around $250 or more for every car that you repossess. If you recover 2 vehicles in a night, 5 days a week then that’s going to be $130,000 per year. Of course, you will have to exert some effort but the point is that it’s totally possible and feasible.

Car repo agents make the most money when lenders hire them to find those stubborn debtors (also called skip-tracing). If a debtor willingly gives up the car (easy to find), a repo agent many only earn around $100 for the recovery.

Repo agents who work for someone else usually earn 40% of the repossession fee. This can equate to $70 – $100 for every recovered car on average.

Pros and Cons of Owning Your Car Repo Business

It’s a fact that repo business owners make the most money but they have to pay for other overhead expenses before they get paid.

The good news is that you don’t need to shell out any huge amount of money for expensive equipment to get started in the car repo business. The truth is that you don’t usually need a tow truck!

The reason for this is because many lenders keep key codes in their files for every car they own. In some instances, they even have the spare set of keys! Now all you have to do is have a key made, search for the car and drive it away!

As you can see, you can start small then re-invest your profits back to grow your business.

Pros and Cons of a Repo Agent Working for Someone Else

Obviously there are many great reasons of owning your own car repo business but many repo agents find it easier to work under an established repo company. The main reason for this is that in some states, you can have a very difficult time in getting your licenses. An interesting fact is that most of the repo business owners got started working for someone else.

Obviously the car repo business isn’t for everyone. However, if you have the determination and the persistence to work then this can be a very lucrative business whether you decide to start on your own or work for another repo company. The important thing is that you get the proper training on how to get started with the car repo business.

The truth is, with our current economic slump, car repossessions will keep going up. That’s great news for you because banks and dealerships just can’t find enough people to handle the demand.

Click Here and Learn How to Get Your First Repo Job in 30 Days!

Starting a car repo business or learning how to become a repo man is another one of those lucrative business opportunities you could start no matter what the economy is. You don’t need a fancy college degree or years of special training to become an auto recovery specialist.

The problem is that the car repo business is a very closely guarded profession. Successful car repo business owners only teach their stuff to their sons and daughters.

Good news for you because I’d like you to meet my good friend, Tony Vizzino who is the creator of Repo Profits. Here are some of the things that you’ll learn inside:

• 3 ways to start a full-time or part-time car repo business without a tow-truck
• How to repossess cars without breaching the peace
• 3 types of repo jobs that can cost you your insurance coverage
• The secret to recovering more cars in less time
• How to get FREE expert help in building your business
• And many many more!

Click Here to Learn More About the 3 Modules Inside the Repo Profits Course

Facts About the Car Repo Industry

• College degree and experience not required – Many folks didn’t have any fancy college degrees or years of special training to get into the car repo business. The truth is that only around 8,000 plus people earn over $300 million a year. The reason is that this business is a closely guarded secret and getting in is nearly impossible unless you start from the bottom and work your way up.
• Car repossessions are climbing at a very high rate – According to ADESA’s stats, there were 1.6 million recovered cars in 2007 and 1.8 million in 2008. This 2010, Kontos predicts between 1.9 million and 2 million repossessed cars and then an estimate of 1.8 million in 2011. Many car repo companies even have to refuse new clients because of the high demand.
• Car repo business is hard work – I’d like to remind you that this business (or any business for that matter) is not for everyone. This is not a get rich quick scheme. You have to put in some effort and you have to have a strong personality to be successful in this business. But if you want to be your own boss and earn as much as $70,000 to $250,000 in your first year, then this business might be a perfect fit for you.

Click Here for More Details on Starting Your Car Repo Business

Let’s take a look at some of the state laws and the licensing requirements before becoming a repo man:

You Need a State License

Don’t worry because most of the states don’t regulate the car repo businesses. However, the state of California, Florida and Louisiana do. Even if your state doesn’t look after the repo business, chances are you’ll need to get a license to operate as a private investigator or a collection agency.

It’s advisable that you ask the Secretary of State in your state so you can have an idea of the laws on licensing a car repo business.

You Need a Decent Insurance and Bonding

Insurance and bonding protects your repo business in the event that a repossessed vehicle gets damaged or if you recover the wrong car! Most of the states will definitely ask you to get a decent insurance and bonding before you can even get a business license.

But remember that insurance companies also need to make some profits. If they think that you’re not serious or responsible to start and operate a repo business then they won’t give you an insurance.

That’s why it’s highly recommend that you invest in the best auto repossession training and tools so you can be perceived as a knowledgeable professional. Check out the National Association of Surety Bond Procedures (NASBP) to find an insurance agent for your car repo business.

You Need a Commercial Driver’s License (CDL)

To acquire a CDL, you’ll need to have a clean driving record for the last 2 years. Your record must not have any major traffic convictions or any license suspensions. You’ll also going to take an exam to get your commercial license. Call up your state’s Department of Motor Vehicles for more details on how to get your commercial driver’s license.

You Need to Notify the Police Before Repossessing a Car

Here are the 3 things you need to tell the police when you’re repossessing a car:

• Where you’re recovering the car
• What the car looks like and its plate number
• The date and time that the repossession will likely to happen

It’s a good idea to call up the police in the cities you intend to repo the car so you can have information on their requirements.

As you can see the key is to really get educated on the repossession laws of your respective state. Also research about the federal debt collection and private investigation laws. If you’re diligent in preparing you can feel a lot more confident that you and your car repo business are protected when you repossess cars.

While most of the financing organizations do business with consumers who start with their loan once, they’re going to be more strict when car owners go 90 days late (or more) on their car loan contracts.

Car repossessions are on the rise and this becomes a great business opportunity for you. Why? Banks, car loan companies and used car lots cannot find enough car repo agents to handle the growing demand. And in many cases, you don’t even need to have a college education and training to become a car repo agent.

If you don’t have any job right now, sick and tired of the daily grind or just looking for a career shift then here are 3 awesome reasons to consider starting a car repo business.

Many Folks are Falling 90+ Days Behind on Their Car Payments

Loan defaults are on the rise and they’re expected to keep rising throughout 2010. There are reports by the largest vehicle auctioneer that there’s going to be a double-digit increase in car repossessions over the coming years with millions in total.

It’s because there are banks that issued mortgages to folks living beyond their means and sub par auto loans to people who can’t really afford the car payments. An individual getting laid off from his job that is living from paycheck to paycheck is all it takes to get a car repossessed.

This is unfortunate news but this is definitely a good news for companies in the repo industry because their business will keep on growing!

Car Repo Business Owners Can Earn Six-Figure Salaries

Car repo agents basically make 40% of the repo fee for each car they recover. Repo fees vary greatly in different states but typically you can get between $250 to $500.

How much a financing company or car dealership pays to recover their car back depends on the car’s condition, how much work in collecting data (skip-tracing) the repo company has to do to find it and how easy (or hard) it is to recover the car.

Most of the repo agents don’t have salaries but if you pull in two $500 repossessions per night then you could earn $104,000 every year. Repo business owners can even make more money, although many got their feet wet working for someone else.

There’s Not Enough Repo Companies to Handle the Huge Demand

As of now the auto repo business are bombarded with repo jobs. This is definitely a good news if you’re looking to get started in the car repo business. It doesn’t matter if you start your own business or temporarily work for someone else.

While California, Florida and Louisiana require repo agents to be licensed, you only need a good insurance and bonding in other states. As you can see, it’s totally possible to earn a six-figure income per year as a repo agent even if you don’t have any college degree!