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North Carolina

How do you start a repo business in North Carolina?


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2011-09-12 22:09:43
2011-09-12 22:09:43

i just recently started a repossession business in Missouri and it is tough. i am 21 years old and trying to get people to see past the stereotype is hard enough but here is what i have found. i already owned a tow company and have seven trucks two of which are pick-ups with sneeker lifts. i just got insurance to meet state requirements and alittle extra to beat the competition. keep the overhead low use older looking equipment and keep it in tiptop shape mechanically and if it doesnt look good consider driving something that looks respectable to meetings and contacts with clients. you have to face the facts have you seen very many repo companys that look professional. most of the ones in my area are dirtbags with no insurance or standard auto insurance on a pick up with a folding swing set in the bed,14 warrants and no front teeth doing reposessions for $100. set prices at a fair price (not high just average) sell your business with superior service and excellent turnaround times not at a streetcorner price good luck. start with a few title loan companies they are excellent for learning and good volume.


Related Questions

how do you get a repo licence in North Carolina

YES, a lender can get a judgment for the balance owing on a loan after repo.

No. Not in North Carolina, not in any other state.

Any business is hard work to open so a repo business would be hard to open as well.

do I need to be bonded in nystate for repo cars

In North Carolina, a lender can repossess a car when just 1 payment is missing. They can also repossess it if you let the insurance lapse and are current on your monthly payments.

Yoy will need a business license, insurance, a tow truck, a SECURE storage lot, customers- and a knowledge of repo laws in your state. Can of pepper spray is optional.

Two years work experience under a licensed repo agency within the state of California is required before starting repo business. An exam is to be taken to be a "Qualified Manager" which is required to ?æbe stationed in all branches. A CA business license is required before operation.

Yes. A repossession agent can secure the vehicle anywhere he finds it with some limitations, provided he has a valid order for repossession.

You can repo your own car but you cant start a business without a license.

To start a repo business in PA, you must be licensed and bonded by the state. The license fee is approximately $250 and the required bond it $5000. See the "Motor Vehicle Sales Finance Act" Act of 2002, no 186 for complete details.

wanting to start a repo service in Illinois and need to know what all is needed?

What are the requirements to become a repossesion business in Florida?

Some useful links to Illinois' small business information:

What type og certifacation or licence must you have to start a repo company

They can issue a warrant for a repo if they have gone to court and determined that you are trying to steal the car. They would have to file theft charges against you first.

You have to pay for that information. The repo biz is a private and sercet biz.

Repossession agents are not typically paid a salary, nor are they typically paid hourly. Repossession is a per unit business. That is, the repo man is paid by the vehicles he recovers. Amounts vary by the individual business.

When a debtor is behind on payments, NC law allows the lender to take possession of, or "repossess" the vehicle. A repo company on behalf of the lender can take the vehicle at anytime, anywhere that the vehicle is found and accessible. If the vehicle is in a locked fence or garage then the repo company cannot force entry to get to the vehicle.

Radio station Repossession specialist (Repo man) Realtor (Realty or Real Estate business) RadioShack

== == There is no state licensing in SC. Basically you will need to get business licenses for the cities that you will be covering who require it. You will need repo insurance and for most clients a million dollar bond. Other than that there is nothing particular needed to start up in SC. A secure storage lot will be needed. I would strongly suggest either the C.A.R.S. course or the R.S.I.G course to become certified. It is not required, but highly recommended.

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