Archive for April, 2011


How could we work this out? We did not want to be stiffed with rubber checks anymore, but we still saw the opportunity to make money repossessing cars for this guy. Greed can sometimes get the best of you, and it seemed this was the case with my partner and I. The old man stroked our egos and told us we were the best of the best of repossession agents, and that he would do anything to keep us on the payroll. He came up with a pretty sweet deal that really interested us. He agreed to pay us upfront for repossessing ten or fifteen pieces of collateral, and, once we reached that amount, he would “top” us off again with another payment. It was kind of like we were “prepaid” repo aqents that needed to get topped off with credits once we were over our repo limit! My partner and I had checked around and there were no other auto repossession businesses doing the amount of volume that the old man was doing. We had to make a choice – walk away or allow greed to keep us repossessing cars for a dodgy repossession company owner.

As I said, we were expecting to be fired or maybe shot or even arrested, but the old man seemed in good spirits and must have run into this before. I guess he had a long line of auto repossession agents working for him that had to demand their pay when he stiffed them. He acted as if we should go repossess some cars for him tonight. It was as if nothing was wrong at all. He did not even mention the fact that we had held several pieces of collateral hostage to get paid for all of the auto repossessions we had done for him.  He commended us for our hard work and told us to be safe tonight when we were out repossessing cars for him. I was not sure what my repo partner was thinking, but I was wondering if we should keep working for this guy. How could we know if we were going to get paid? How could we trust him after this? Were there any other auto repossession companies out there hiring repossession agents? What should we do? I looked at my partner…..

Go to http://repoindustry.com/ to learn more about being a repossession agent.

The man I was working for began calling and demanding that we deliver some collateral we had repossessed to the local auction – a Harley Davidson motorcycle, two cars and a truck. He also wanted us to return a car to a school teacher that had paid up. When you are a repoman, sometimes you have to force a situation – lay all your cars on the table – and that is exactly what we did. We told him we were not returning the car, nor was anything going to auction until we got paid in cash. He swore, threatened to “swear out” and “I bond” on us and have us arrested, and even threatened to kill us. He offered to pay us by check and said he would overnight it to us. Well, we knew we were definitely not taking any checks from him and certainly not ones with the old cliché attached – “the check is in the mail. The old man met us within the hour, claiming he got 200 checks from various lenders in the mail just in time to pay us. He handed us a fat envelope filled with cash that counted out to exactly what he owed us for all the repossessions we had done. I looked in the envelope for the pink slip……..