Repossession agents, commonly referred to as repo men, are the individuals hired by car loan lenders to recover vehicles when the borrowers default on their loans. In a struggling economy, working in a state like California, where car ownership is very common, can be lucrative. However, be warned: While this is a job that won't keep you tied up in an office all day and will allow you to use your ingenuity, it can also be tedious and even dangerous.
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Learn the business and relevant laws. Take a class to learn the ins and outs of the business, including how to locate vehicles, serve delinquent borrowers with seizure notices and take possession of vehicles for which you do not have keys. While not necessary, this may be highly useful with someone who has no prior experience as a repo man. If no courses are available in your area, approach a local repossession agency to see if it would be willing to allow you to apprentice under it.
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Meet eligibility requirements to take the license. In California, individuals seeking to work for a repossession agency must register with the Department of Consumer Affairs. Only individuals who are at least 18 years of age and have submitted a completed application with two passport-quality photos, paid a $75 fee (as of 2011), and paid $51 in fingerprint processing fees (also as of 2011) will be successfully registered.
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Send your completed application, photos and fees to the Bureau of Security and Investigative Services, P.O. Box 989002, West Sacramento, CA 95798-9002.
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Find work with a local repossession company. You can start work after submitting your application even if you don't yet have your registration, for up to 120 days, as long as you don't have felony convictions or violations of the Collateral Recovery Act in your record.
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Receive your permanent registration and continue working. If you change employers, re-register with the Department of Consumer Affairs within 15 working days of starting your new job. There's a $30 re-registration fee, as of 2011.
