How Do You Start A Repossession Company?
A repossession company retrieves items (usually cars) when people fall behind on their payments and lenders want them back. It can be a lucrative business, especially in slow financial times. Although you must realize that you are essentially hunting people down and taking their stuff, and the possibility of confrontation is high. Learn the repossession laws in your state. Laws will vary, so it is a good idea to learn what you can and can’t do in terms of repossessing someone’s property. Learn the finer points of the business from an expert. Ask to ride along or apprentice under someone who has been doing it for a long time. Get all of the necessary licenses and permits to do business in your state. Also get liability insurance to protect yourself if something goes wrong. Approach auto dealers, banks and credit unions and let them know you are available for repossessions.
