This video has a few cuss words, just to warn you. But it's a good explanation of what it takes to become a Repo Man. For any of you who are not familiar, that means going out in a tow truck , and taking towing cars that people are not making their payments on. For the women reading, I'm not leaving you out, but this is a male dominated business since people do get angry, and sometimes violent, seeing their cars get towed. That makes this a potentially dangerous job. For that reason, there are very few Repo Women, as far as I know. This guy is in Indiana, and the video is four years old, so it was made pre-pandemic, before craziness with the car market.
According to this recent video by Lucky Lopez, there are now 20,000 cars being repo'd in the U.S. EVERY DAY! For the life of me, I can't figure out why there are not a ton of "Become a Repo Man" videos on YouTube. This means that every day, thousands of tow truck drivers for repo companies, all across the nation, are picking up repossessed cars and trucks. There are more car repos now than during the Great Recession of 2007-2009. That means that if you've ever thought about becoming a Repo Man, now is probably the best time to start. In any case, the guy in the video above tells you the basics of what it takes, which should get you started on the path, if you are interested in this as a career.
Why are there so many car and truck repos now? All the money given out with all the stimulus checks and and PUA/PPP programs, during the pandemic, led to lots of people buying cars they couldn't really afford. Lucky Lopez calls the people Stimulus Ballers, which is the perfect term. Millions of people were Hood Rich in 2020 and 2021. Some people just stretched themselves too far financially, since life was going good. Some people straight out scammed the car dealers, putting $10 grand down on a $90,000 tricked out Mercedes or big 4 X 4 truck, and then they never made a single payment on it. Now the economy is slowing down, those big $700 to $1,000 car payments are getting harder to keep up with. So hundreds of thousands of cars a month are getting repossessed. Eventually, all these repo cars will have to be dropped in price, because there are just too many of them to sell, and like the houses with subprime home loans back in 2008, many cars now have loans on them for more than the vehicle is worth. But things in the auto industry haven't become painful enough yet for dealers to dramatically drop used car prices. That day will come.
In any case, repo men are doing a land office business these days, and that's one job that will need lots of people for at least a couple more years, as many other businesses struggle as the recession really sets in.
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