When a borrower fails to make payments, someone has to reclaim the unpaid item. To perform this task, most lenders hire a third party — cue the repossession agent. A repossession agent collects unpaid items from borrowers and returns them to lenders so the lender can recoup their losses. It’s not an easy job, but it can be highly profitable.

Learn about how the auto repossession process works and how to become a reputable repossession agent. You might want to kick-start your career with one of the established high-end repo companies and later move on to freelancing.

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Starting your own business can be as exciting as it is profitable. By starting an independent towing company, you get to be your own boss and provide an essential service to your community. People will always need towing services as long as there are cars on the road, and you can set yourself up to answer the call. So, how do you start your own towing company? To help you get started, we’ll go over all the initial and ongoing expenses you need to know about.

Initial Tow Truck Business Expenses

The main initial expense when opening a tow truck business is the truck itself. How much does it cost to buy a tow truck? The answer depends on the kind of vehicle you want and the current market. A new light-duty tow truck will be on the lower end of the spectrum, although still more than many used vehicles. On the high-end of the price range, an ultra-heavy-duty tractor-trailer can handle even the biggest towing jobs. You might choose to take out a mortgage, which lowers your initial costs and raises your monthly expenses.
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According to the National Institute for Occupational Safety and Health (NIOSH), the tow truck industry is among the most dangerous. The motor vehicle towing industry sees 43 deaths per 100,000 workers, compared to the national average of 2.8 per 100,000 workers.

As an occupation that spends a lot of time on the road and dealing with heavy machinery, tow truck driving has plenty of opportunities for hazards. Besides the potential for crashes while traveling to and from sites, drivers spend time on the sides of busy roads. An improperly lifted vehicle can roll backward, and debris from a damaged car can lead to cuts and other wounds. Following some tow truck driver safety tips can save lives and prevent injuries or dangerous mistakes.
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A majority of Americans take out loans to pay for their new vehicles — as of 2019, total auto loan debt in the U.S. was nearly $1.2 trillion. Instead of borrowing to buy a car, about 30 percent of drivers decide to lease their vehicle, effectively borrowing the car from a dealer for a set amount of time.

Those who finance or lease a vehicle are expected to pay the lender or dealer according to the terms of the loan or lease. If a driver stops making payments, the lender can repossess the car. About two percent of car loans and leases in 2019 were delinquent, meaning the driver was at least 30 days past due on paying.

Someone has to have the job of repossessing delinquent vehicles. Depending on your disposition and skill set, that someone could be you. In this guide, we’ll discuss the process of becoming a repo person and what it takes to become a repo man.
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Whether you miss a single or several payments on your car loan, the situation shouldn’t be taken lightly. You need to act fast and make smart, honest decisions based on your finances and personal circumstances. In many cases, failing to pay consecutive installments can result in the repossession of your vehicle — but there are several proactive steps you can take to avoid it.

Lift and Tow will help you understand the impact of voluntary repossession and how voluntary repossession works.

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