- 1). Check for state licensing requirements. The state of Nevada, for example, requires people who repossess automobiles be licensed through the state's Private Investigators Licensing Board.
- 2). Know other federal and state requirements for becoming a repo man or woman. In Nevada, anyone who repossesses automobiles and is licensed through the state must follow guidelines, such as being 21 years old and a U.S. citizen.
- 3). If opening your own agency, check your state's requirements for insurance. Some states may require your business to carry liability insurance. If insurance is not required, it may be a good idea to look into liability insurance just in case an accident occurs when repossessing the vehicle.
- 4). Gather equipment. To repo cars, you must have the necessary equipment to take possession of a vehicle. This includes a tow truck or other towing device, as well as devices to open the vehicles if they are locked.
- 5). Market your repossession services. If you are looking for employment opportunities within a repo agency, apply for a position and highlight any law enforcement, auto industry or repossession experience you have. If you are starting your own repo business, market your services with banks, lenders, car dealerships and car rental agencies.
- 6). Determine your fees. If you start your own repo business, you will need to know what to charge customers. According to "The Auto Repossession Business," an article by Ralph Thomas, repossessing a vehicle may take 15 to 30 minutes. Repo fees vary based on the location, though the article states the average fee to repossess a vehicle is between $100 and $200 in addition to any fees associated with the repossession of the vehicle. Additional charges may include photos, gas mileage and insurance.
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