Oct 11
27
Did you know that during a recession, the number of foreclosures and repos tends to rise dramatically? After all, this only makes sense with a higher unemployment rate and with the high amount of debt that already exists in this country, it is no wonder why more people lose their cars and their homes during a recession.
But there is an opportunity for a new jobs to be created during a recession. This job is not that glamorous, and it is a lot of hard work, but the job doesn’t pay well. This is the job of being a repo car man. As a repo car man, you are in charge of collecting cars, boats, and Rvs that people have not made their payments on. You can do this job any time you like but one of the best times to do it is at night when nobody is around. If you have a tow truck, you simply hook it up to the car and haul it away. The person that comes out might be ticked that their car is gone, but then again, it wasn’t really their car once they had mortgaged.
Most of the time, banks already have someone in place to collect their repos, but credit unions that don’t have repos happen very often, may be less likely to have someone they are using. Because of the liability associated with being a repo man, most banks and credit unions prefer to hire a third-party contractor to pick them up rather than go out and do the work themselves. As a contractor you will get paid on commission. This means you’ll get paid for every car that you find and bring back to the bank. A typical finders fee for a credit union is between 200 and $400 per vehicle. If you work for a used car lot, you may only make 100 to $200 per vehicle. Once these cards are collected, they will be sold out car and RV auctions, but you don’t have to wait because you get paid on delivery. The referrals fee depends on the overall value of the vehicle and also on the difficulty of collecting it. If you work for a credit union and you can collect three vehicles in one Saturday, you could find yourself making $1000. Not bad for a part-time Saturday only job. If you can make $1000 a week, you will be making over $50,000 a year and you will have 316 days of vacation!