Repossession Firms Seizing Fancy Boats, Private Planes
This is another business that benefits from a down economy. In this trade, you’ll repossess vehicles on behalf of banks and loan companies from borrowers who fail to make payments.
Once you’re experienced, repossessing a vehicle is a quick job, and you can make a lot of profit. Keep in mind, though, that the startup expenses can be substantial, including a tow truck, storage space, insurance, licensing, and more. You’ll need to be well-versed in the repo laws for your state, and, of course, have the temperament to handle run-ins with potentially disgruntled borrowers.
The economic downturn in the United States is taking its toll on the wealthy. U.S. repossession companies are being called-in to seize an increasing number of luxury items such as yachts and private jets from people who have defaulted on their loans. As Steve Mort reports for VOA from Florida, one such company says its caseload has quadrupled over the last year.