anyone here do repos?

[Devel]

Just wondering if anyone her does them and if its worth the work? a couple of my family members and me have been considering getting into this as a start up for a tow company. i know the work can be dangerous but im also wondering how to get set up with your license, bonds and repo insurance?

any help would be great

Thanks
Joel

 

[Caleb]

Hit up BCGPER on here, he could probably give you some info.

 

[GOAT]

kill does it as well. Oh, i meant kiel

 

[UNSTUCK]

Stay away from my house!

 

[rambrush]

Most of the ones I worked with had a seperate towing company for Repo work and another for day to day towing and recovery. This was to prevent any lawsuits from taking the whole operation down from what I was told. Back when I did repo it was down in Phoenix and the yard was in a less than desirable area and we ran with 2 people and released the cars back in the dark lit areas and it was late night work, then the semi specialized equipment to get the vehicles picked up.

There is a towing forum out there cannot recall the address currently that may assist in the more specific areas.

Also check and see if you have a state towing association that has a website.

 

[Kiel]

I did a lot of ours for the dealership I worked at for several years. It was ok, but the info you get is spotty at best. I made decent money, but when fuel prices were up, it killed your bottom line. Thats when I stopped. We just hire out our repos now and they don't make that good of money, ButI'm sure it is a time filler bewteen getting tow jobs. The hassles are pretty big though. I don't know much about the insurance side etc.

 

[NOTATOY]

My dad and bros do it, but they work for a guy who has all the "big" accounts around the state. Unless you have an in like that then good luck getting enough work to keep you busy. My uncle does some repos for some of the check cashing/ payday loan type places in Ogden, but most of the stuff isn't worth picking up and doesn't pay worth a crap.

 

[BCGPER]

There's a reason there are repo companies and tow companies, they're two entirely different professions. There are a handfull of repo outfits that have all of the good accounts. Without a few of those good accounts, you'll never make a profit. The guys running the smaller title loan kind of accounts are only getting by by cutting corners (no bonds, insurance, ect). The real secret to turning a profit in the repo world is your investigation staff. If you don't know anyone with several years of tracing expierence, you're wasting your time.

Also, a wrecker makes a crappy repo rig, just as a repo truck makes a crappy wrecker.

 

[Devel]

My uncle did repo work for a number of years and still knows lots of people with the big accounts, so i think we are covered on that front. my main concern is getting repo insurance and i dont know if i need towing insurance for a repo truck?

 

[NOTATOY]

you still have to be bonded, and depending on the accounts your going after will usually depend the amount of coverage. They want to cover their asses, so you better have a huge policy if you plan on doing business with a big account. My dad had a car stashed at my cousins backyard in St.George and it was stolen out of his back yard. The car was recovered in a wash in Mesquite and my dad was responsible for damages and impound fees from the local tow company. No bueno! make sure your covered