Starting Your Own Repossession Company

Are you considering starting your own repossession company but doesn’t seem to know where to begin? The most important question you have to ask yourself is this: What are the things you have to consider when entering into this business?

After answering this, then you can now start executing your plans.

Repossession company primarily operates by obtaining products from banks, government, loan offices, and other people’s company or belongings. Individuals and companies who are unable to pay their debts, loans, mortgages, and other financial obligations may lose their assets/personal belongings to banks or federal agencies which will in turn resell these to other people or companies. When planning to Startup repossession business, you have to keep in mind to review every detail of your planned approach and strategies to avoid financial risks you may encounter in this kind of industry.

Starting your own repossession company requires business license which will allow you to operate legally (some states do not require license to operate). It is also important to consult an attorney and tax adviser to help you decide what kind of corporation and business setup is the most viable to your company. After doing this, the next step is to consider your business competitors which will help you to develop a marketing plan to outwit your business rival such as offering products and services which are not available in other companies.

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The startup cost for repossession business may differ from case to case, but it is often advised to take small steps one at a time which helps you to test the water first before you jump. According to a study, repossession business often flourished when the economy is volatile or not in a good condition, with this consideration, where to start your repossession company can be easily answered. Another way to succeed in this business is planning your repossession business guide which includes helpful tips such as learning how to conduct proper examination, tracing, private investigation, and property recovery. This also includes finding your target-market or your business clients, marketing strategies, advertising approach, equipment and facilities needed, and repossession business plan which will allow you to have alternative solution in case your initial plan failed.

The repossession industry can be very profitable as long as you would do your homework of learning how to play on this field. Find ways which can contribute for your success. Learn from other people who are expert from this field. And consider if franchising is the right option for your business. There are cases wherein entrepreneurs have acquired a failing company and then transformed it into a productive business. Success in this field is greater if you are willing to invest not just capital but also your time, dedication, and hard-work.

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157 Comments

  • Ray said on May 25, 2009
    I live in Western Kentucky and I have researched this area. There are no repo companies for about a 150 mi. radius. Could this be a good market?
  • scottie burns said on June 4, 2009
    live in kentucky, how do i get started and where do i get insurance?
  • Chandra said on June 24, 2009
    I live in Michigan and I would like to know how do I go about starting my own repossession business.
  • Eric said on July 28, 2009
    I live in Austin, Tx and a friend of mine and I are trying to partner up and start a repossession company, but don't know where to begin. Can you HELP?
  • shane said on August 20, 2009
    i live in new york state and would like to start my own repossession company but would like advice as to how to get started..
  • jeff said on August 26, 2009
    i am starting a repo co. in new york state.. where do i start.. what licenses do i need and how do i make contact with the banks to let them know about doing repo work for them.. thank you
  • jeff vucich said on September 11, 2009
    I live in up state new york. who do you contact to get your licenses in Albany to start up your repo co. thank you for any info. jeff
  • john calliea said on September 20, 2009
    i would like information on starting a repo business in michigan, can you help me
  • Chad Davis said on October 15, 2009
    I live in Western part of NC and would like to know what i need to do to start and who to call to start getting accounts? I've use to repo part time and was a rush doing so and now i'm ready to start my own..
  • phillip said on November 10, 2009
    starting one in KY, got a truck and 3 big boys how do i get this legal
  • MaeLinda Evans said on November 19, 2009
    I live in upstate New York Utica area and wanted to find out information on licensing and skip tracing.
  • james mccall said on November 22, 2009
    I want to start a repossession business in charlotte, north carolina, US. Please help me..
  • Pasquale said on November 23, 2009
    I live in NJ. I would also consider doing this in California since I believe that market to be better for this business. Where can I find more information on how to get started?
  • James said on December 1, 2009
    I'm in phoenix, arizona. How would I advertise to creditors? Do I need a license in AZ? Am I liable for damaged property? Can I defend myself in the event of being harmed? Thanks
  • GREG M said on December 3, 2009
    I LIVE IN EASTON PA AND I'M LOOKING TO START A REPO COMPANY OUT THIS WAY. CAN U HELP ME GET STARTED
  • bruce neil said on December 7, 2009
    i live in the hudson valley in new york and would like to know the real deal about starting up a good repo shop i have what it takes to hang out in this field i have done my time and then some so i have a good sized source of peoples who would gladly help a fellow out with a little info if they could. plus i have a rep for getting what i am looking for... no fear here at all..sooner or later i find it...so if you are looking for someone who's real hungry and has the balls to go for it send me a holler
  • Tennessee Recovery Services Corp said on December 10, 2009
    If you want to get into the repo business we can help we are nationwide company and can send you a complete package on how to start in you state for $199.99 plus shipping this is strictly for your state also includes info on how to get into custodial interference and bail enforcement. check us out on the web www.tnrscorp.com. WE know the business after 25 years
  • Joe Gatto said on December 15, 2009
    I live in manteca ca me and my brother inlaw are interested in starting up and repo company what do i do, how do i get started is there any schooling involved!!!!
  • david paige said on December 22, 2009
    I live in Lorton, VA, please help me out
  • Gadid recovery said on January 4, 2010
    Brooklyn NY based company working over 3 yrs now. But looking for more work and trying to go direct with lenders and banks..If anybody could help me out with some leads or contacts please email gadidrecovery@aol.com
  • jeremy clements said on January 12, 2010
    I live in memphis tn and I want to start my own repo company please tell me how I can do that. I have always wanted to own my repo company so if you could please help me.
  • Randall said on January 13, 2010
    I live in Boise, Idaho and want to know what it takes to get my repo license.
  • Mike said on January 21, 2010
    Huntsville, AL. I have a paid off Ford Diesel Dually, a small licensed & insured moving company with commercial drivers insurance, cargo insurance and US DOT authority and Motor Carrier number. Company is an LLC. What else do I need?
  • ROBERT said on January 27, 2010
    I live in LAREDO, TEXAS WE OWN A SMALL TOWING BUSINESS LOOKING TO START REPO BUSS LOTS OF COMPETITION WHERE SHOULD I START, FRIENDS SUGGESTED SMALL AUTO FINANCE COMPANIES, WHAT ARE REQUIREMENTS TO START REPO BUSINESS ARE THERE ANY SPECIAL PERMITS OR LICENSES.
  • Mario Lewis said on January 31, 2010
    I live in Bowling Green, KY and looking to start a repo company for the surrounding counties. I need to know what it takes to get licenses, insurance and how to get the best clients to generate revenue for my family and I.
  • David T Greco said on January 31, 2010
    Shelbyville ky. 40065. There are a lot of advertisements for starter packages for the repo business. Is this really something worth investing in.
  • Terrence Clay said on February 2, 2010
    I live in Lexington, Kentucky and I believe this is the way for me but I no nothing about the repo business. I believe it would be a great opportunity for me and my son. I just need help getting started
  • Shawn said on February 4, 2010
    Cape Coral florida here, lots of companies but i cant even get in? help me get started please
  • brian said on February 6, 2010
    I live in Northen IL South Wisconsin area looking for advice on how to start this type of business. I look forward in talking with someone to give me insight
  • Ron said on February 9, 2010
    Albuquerque, NM, U.S.A, I want to know how to get started on a repo company, reposessing cars, etc. Are there information on books about laws and instructions on reposessing, and how do I go about getting information on how to get in touch with lenders and creditors, would I need a license to do reposessing or permits to do this in my state. Finally I want to get an idea on what the cost would run to start this business. Is it a good idea to have partners?
  • MR.Tim said on February 11, 2010
    I live in eastern ky want to know how to start this company and if there is a need for this in my area would like to know average pay rate in my area
  • Antonio said on February 12, 2010
    I am really interested in starting a REPO COMPANY in Windsor, California. I would like to know what type of License I need to start.
  • Mike said on February 15, 2010
    Pensacola, fl. What are the requirements in Florida to start this repo business?
  • jeremy said on February 15, 2010
    kingsport, tn usa. what are the laws in my area? i want to start a repo company.
  • daniel martn said on February 17, 2010
    reno, nv what do i need to get started? how much insurance do i need and what kind of bond do i need.
  • bridget smith said on February 26, 2010
    I am writing a school paper on starting a repossession business in Indiana. I was wondering if you could send me any details you may have on the rules and regulation in the state of indiana. Also the kind of taxes the company would be responsible for and management departments. The more information I can get the better I will be so anything will help. I have to write the paper as if i am starting from the ground up. Where to look for money to start the business, every aspect. If you can help I would really appreciate it. Thanks Bridget Smith
  • Steve Crumble said on February 28, 2010
    I'm currently repossessing cars in NY and I am looking to buy a TRUCK TOW!!!! If anybody has a good lead for, THANK YOU. Exp: Albany, NY, USA
  • Jim Farr said on March 15, 2010
    Mayslanding, N.J. I want a partner to start another repossession business with. Smithbuggsu@gmail.com. Been doing it 15year and stopped. want to start again need someone motivated to build from ground up.
  • carlos said on March 15, 2010
    I live in Upper Marlboro Maryland and would like to start my own Repo business. How do I go about getting contracts or etc. to get started with it. I already have the money to buy a tow snatch truck. What is the next step for me.
  • carlos said on March 15, 2010
    Upper Marlboro, Maryland. I would like to start my own repossession business. I would like to know what kind of licenses do I need to get started. How much money do you think I would need to get of the ground. What types of companies are good for me to start off with. If you have any suggestions please let me know. Thank You.
  • Kimberly said on April 3, 2010
    I live in Midland, MI and would like to know what licenses I need to begin a repo business
  • clive said on April 7, 2010
    i'm interested in setting up my own repo business in the midlands england. what do i need to do
  • Joseph said on April 7, 2010
    Ocala, Fl U.S.A (Want to start a repo business and was wondering what steps and routes I need to take) Thank you very much.......
  • John B said on April 9, 2010
    i live in Newnan, GA and want to start a repo business i want insite on the ins and outs
  • Herbert Hicks said on April 10, 2010
    How can i start my Repossession business in DURHAM NC USA
  • ANN MARIE said on April 14, 2010
    I would like information and any help I can get on starting my own repo company. I live near Whiteville North Carolina.
  • Corey said on April 18, 2010
    I see a lot of you guys asking how and were to start a business up in this industry. I have been in the business for years and there are still things that I learn on a daily basis. I am a successful owner or a company that now has 4 offices in 4 major cities and we are looking to expand to more. However, be aware that this is not a business that you can start up and walk into and make money like a Burger King franchise or a circle k. It takes first knowing the industry and how it works. Knowing that you are responsible for any and all damages and the action of anyone that you have that works for you or with you. Professionalism is key in this business and if you have ever spent time running a truck for someone else company then you know that there are many sleepless nights and some days that you make no money at all. Do not for one minute believe the " Operation Repo" hype and think it's all fun and games. It's the farthest thing from it. If you are interested in getting started and getting it done right and learning how to build and run a successful Recovery company then feel free to contact me. I will open my services as a consultant and I will teach you the in's and out's of the industry. Corjayo@netscape.net, Serious inquiries only. If you have the capacity to learn, I have the knowledge to teach.
  • Mike said on April 19, 2010
    i am interested in Repo business, how do i start one in Fort Wayne, Indiana U.S.
  • Greg said on May 4, 2010
    My family owns a repo business in Ohio, We are trying to obtain new clients. Where can I get phone numbers or addresses for potential clients?
  • theresa said on May 6, 2010
    I want to either start a repo business in NV or Arizona what do i need to do
  • serkan metin said on May 10, 2010
    i live in uk and would like to know more about starting up a repo business in london.
  • anthony said on May 12, 2010
    i live in new jersey what do i need to get started on opening my own repo company??
  • W. Kpan said on May 19, 2010
    I Live in the RI area I already have a truck what do i need to get started
  • rich said on May 20, 2010
    looking to a repo bus. in doylesburg pa i have the truck. just need to get to the next step anyone help me
  • robert said on May 26, 2010
    looking to expand your business to california, let me run a satelite office for you in san diego.
  • PAUL said on May 27, 2010
    QUESTION = LARGE PERCENTAGE OF POST ASK SAME QUESTION??? HOW DO I GET STARTED. LET ME HELP YOU, SHOW YOU, DEMONSTRATE AND TRAIN YOU IN THE ART AND MYSTIQUE OF REPOSSESSION. HAVE AN OPERATIONAL TURN KEY "REPO BUSINESS" FOR SALE. THIS IS A COMPLETE DEAL: DESK, COMPUTERS, ACCOUNTS, KEY MACHINE, ALL RELATED EQUIPMENT TRANSFER W/ SALE. I/OWNER STAY ON UP TO TWO MONTHS TRAIN YOU TO SKIP TRACE, LOCKSMITH, STEALTH PROCEDURE, REPO, RUN OFFICE, STATUS, SPEAK W/CLIENTS. THATS RIGHT ALL INCLUSIVE FOR YOU TO PERFORM REPO ON YOUR OWN. WHATS THE CATCH (PURCHASE THE TURN KEY BUSINESS FOR $$$49,990.) TRUCKS AVAILABLE ADDITIONAL DOLLARS. CALL ME PAUL/ 941-628-6233
  • Samantha said on May 29, 2010
    I see that as a good idea as well. But am confused on where to start. I live in PNG, Lae and see this as a good business venture. I need more information. Thank you. Sam
  • Steve said on June 8, 2010
    I am interested in a RV repo business in Indiana, I would like to know the legal aspect, laws, any license needed etc. I don't know where to look for the information can you help.
  • mark de la fuente said on June 9, 2010
    reno, nevada. washoe county I would like to start doing recovery of autos. both for myself and other companies. other then insurance what will I need
  • robert said on June 13, 2010
    I live in Syracuse NY and the median annual income here is under $30,000. Its a prime location for a repo company because there is a high demand and low supply of repo companies here if anyone is looking invest in me here my email gcg_work@live.com
  • larry said on June 22, 2010
    I live in Kilgore, Tx. and wanting to get into the repossession business. New at this and have talked with a couple of sales companies about repossessing their vehicles. What I would like to know is what laws are there for Texas. What type or amount of insurance needed for the business. Will I be needing a license for repossession, what type of driver license. Whom would I need to get with about getting the ball rolling. If you have any suggestion or answers it would be greatly appreciated, Thanks
  • jonathon said on June 27, 2010
    i live in springfield MO and have been wanting to start a repo company for the past year. what license do i need and what type/kind of insurance and bonds should i use? should be no prob finding work here now just need some suggestions on how to start. thanks
  • Robert said on June 29, 2010
    I would like to start my own repo business but first I would like to work for someone for a while. Anyone know of a company in the syracuse new york area that would be willing to train me?
  • frankie said on July 3, 2010
    Please be advised to all that are interested into getting into the repo business. If you have never worked in the business then i suggest you first do that with a local company in your area. Do that for at least a year and then come back and see if you still want to do this because by then you should have found out all of your answers to all of the questions that you have been asking. I really hope that none of you try and just jump into this business cuz it can get you hurt really bad both physically and financially and you could lose everything you own if you make just the smallest of mistakes. Please take the time to at least work for someone first and get lots of knowledge on how to do repos before you jump out there. This is a very lucrative but not so lucrative business if you don't run it properly. Please Please make sure you know what you are doing before putting your life and others in danger if you don't. Thank You....
  • Corey said on July 8, 2010
    @Greg and any others who are looking to put on new clients for a start up or existing repossession company. I have a marketing service that I used that put my company in front of a couple thousand clients. Of course I did not end up doing work for them all but what I did get I was VERY happy with and I currently use them to keep getting new clients. They have proven beneficial to my company and made me far more than the fee that I paid them. If you want their info email me at corjayo@netscape.net
  • Corey said on July 8, 2010
    Frankie, you took the words right out of my mouth. I have been trying to stress that fact. Ol' Operation Repo has people thinking that they can just get a DBA and cut a key and they get rich. A bit of misguided adrenaline will get you nothing but shot, hurt, sued or in jail. Maybe I should start doing consulting for the repossession industry.
  • ERNEST said on July 8, 2010
    WHAT LICENSING REQUIREMENTS ARE THERE IN THE STATES OF ARIZONA, TEXAS OR NEVADA?
  • Corey said on July 13, 2010
    For all those looking to avoid marketing to potential clients (because we all know how time consuming and frustrating it can be) check out this website that does it for you. www.innerpoolads.com They are specifically targeting those companies/ clients that are specific to the repossession and skip tracing industry. I signed up and already it has paid for itself in one repo and I have already landed quite a few new clients thanks to them.. Figured I would help you guys out and give you a little insight to an easy way to get started and letting someone else do the hard work for you.
  • Smith said on July 17, 2010
    I live in London tow,n where there are 100s of companies like this one should I bother
  • Joshua Stucky said on July 25, 2010
    I live in Parkston Sd, and i dont think there is very many repo business around the area. looking to start a company any info would be a great help. joshua_stucky@yahoo.com thanks
  • Mike said on July 25, 2010
    I wanted to start a Repo company in Scottsdale Az.
  • Anter Mosleh said on July 27, 2010
    Hi, i am currently working with an estate agent and i have many rich people coming to me asking me where i can get hold of repossession properties before they go to auction, could you let me know please, i live in sheffield, if it is possible to pass me to the right contacts or sources.
  • Gary said on July 29, 2010
    Hello Everyone, I have been out of work for 15 months and have been looking into getting into the vehicle repossession business as legally and inexpensively as possible. I would sincerely appreciate any and all help possible in this matter. I live in the treasure valley of Idaho which includes, Boise, Meridian, Eagle, Nampa, and Caldwell Idaho. Please help. Thanks.
  • Edwin Izaguirre said on August 10, 2010
    Hi, I own a mechanic garage and I own two towing truck. What I have to do in order to get a license to open a business for repossession company in New Jersey. What I have to do. I'm located in the State in NJ.
  • Tim said on August 10, 2010
    Can someone help me to open a repossession business in Poughkeepsie, NY 12601
  • Emily said on August 23, 2010
    I'm in sacramento ca how do i get started with my own repo business
  • Ryan said on August 26, 2010
    I live in San Diego, CA. I'm a Repo Agent for another company right now. But I really want to move to Texas. Which area of Texas would be an ideal area to start my own business??
  • Torrey said on September 21, 2010
    i live in Louisville ky and have the same question what does it take to get stared
  • lori said on September 25, 2010
    I live in San Antonio TX and would like to start a repo business would like to know how to start it and how to acquire business
  • Dean Morris said on October 11, 2010
    Hey, i'm from England and i've got an idea for all these repos, planning to open over there but lacking companies to take on these while i take on the major imports over here. let me know on your ideas....
  • Michael said on October 14, 2010
    I live in washington state and wanting to know the laws and regulations for the state for the repo business.
  • shawn said on October 19, 2010
    i want to start a repo company in salt lake city,ut can you help me?what licenses do i need and what to do to start any help would be appreciated thanks..spetty1975@yahoo.com
  • Jameka said on October 23, 2010
    Hey, I live in Montgomery, Alabama. I am interesting into starting my own repo and opening a fish market. How do I go by doing those things?
  • Casey said on November 17, 2010
    I live in Virginia Beach, VA and i would love to start my own repo business, how do i get started and what steps do i need to take?
  • crystal said on November 18, 2010
    i have been doing repos for approx. 10 years for some buy here pay here companies and am looking to start up my own business and everytime i go to look for the licensing needed for my state i can't find what i am looking for so i am going to just call mva to see what is needed but i see that many are trying to start up their businesses to but like the one person said if you have not done this before in your life and are just jumping in thinking that you are going to just become a successful business overnight you entered the wrong field but if anyone has any advice please email me. Thank you
  • Ricardo Villarreal said on November 25, 2010
    I will like to start my own business for repo services. Where should I start. I live in Holland Michigan. Thanks
  • Mario Garcia said on December 27, 2010
    I'm from houston tx, i'm trying to start my own business there is a lot of car title loan places and small auto dealerships are dose good to start on and how do I approach them to become my clients. If any one has advice razielkain1211@yahoo.com
  • Ed Griffith said on December 30, 2010
    currently i am an illinois resident and would like to know what state licenses are required to become a legal repo company
  • isaac quezada said on January 2, 2011
    Hi I am in rockville Maryland and I'm trying to start my repo company. I am trying to add it to my dads towing company. Can I use my dads flat bed to start or do I need to get a snatcher? How can I get it started? I also have a 2004 Ford f350 , do you know of a place to get the hidden tow system for a good price? Any information would be good, thank you.
  • Karma said on January 10, 2011
    There are many good questions above, all of which I see no answers to. Do you directly answer each of these questions, or is there a place I can go to see the questions answered. I live in Fl. and would want to start a recovery business, but have heard that laws and requirements are much different here than they are in other states. Could you please give me some clarification on both questions. Thanks for your time.
  • cliff said on January 12, 2011
    Need to know what license's need for Indiana repo, were to get it from, and any laws for repoing in Indiana. thanks
  • lizchavez said on January 17, 2011
    albuquerque new mexico. I want to start my own repo company .but would really like to get as much info as possible and hands on
  • Leland said on January 19, 2011
    Tecumseh, MI, 49229. I own my own landscaping bus. and have a few extra trucks i would like to put on the road doing repossession how can i get started?
  • Jay Nipper said on January 27, 2011
    I live in Rockwall, Tx and I have my license to drive tow trucks. I've done some towing and a little repo'ing. I bought a truck and I want to start my own business, what else do I need?
  • BNV Chris said on January 28, 2011
    Rochester NY. What is generally needed to start this business is the following. Company or Corporate DBA. Liability repossession insurance (1 Million or Better coverage). Local or federal licensing. A lot or piece of land with 6 foot fencing surrounding the area. A vehicle that is capable to towing or hauling a vehicle (or a truck with a stealth towing kit). Video Camera / Photo camera. Marketing packet and website. Listing of coverage area (this is important). a Desire and perseverance to POUND the PHONES and RESEARCH for clientele - this is the real work in repossession
  • Tyler said on February 10, 2011
    i live in tempe,az and i would like to start my own repossession company. I am 20 years old and have aspirations to be very successful
  • Gary Powell Jr said on February 10, 2011
    I live in Hope, AR. I want to know how to get a repo business started. What Licenses you need and basically how you get started.
  • kurt p said on February 10, 2011
    i live in pittsburgh pa. i would like to start a repossession company.i would like to know what and how to get started.thank you
  • Shaun Pittman said on February 11, 2011
    I'm in Collinsville TX. Me and my wife want to start our own repo and towing company how do i get the money to start doing what i love with very little money.
  • frank said on February 17, 2011
    hi i live in detroit,mi. i would like to start a repo company along side a tow service,an would like to know what i would need any information will help. thank you!

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