According to Indeed, in 2014, the average salary for a repo man is $32,000 per year. According to Forbes, aircraft repo men make an average annual salary in the six-figure range. Repossessing an aircraft pays repo men a 6- to 10-percent commission based on the plane's resale value.Continue Reading
U.S. News reports that the repossession business has seen an upswing as of 2014 due to more banks needing to take back cars as a result of loan default. In addition, the industry has modernized. Repossession agents use more high-tech means of finding vehicles that helps them avoid difficult conflicts with irate people. Repo men use smart technologies to track vehicles.
License plate scanning systems involve placing several cameras on top of the repo vehicle. Scanned plates are matched against a database of wanted or stolen vehicles. These systems cost thousands of dollars.
GPS tracking devices are a cheaper alternative to cameras. For $200, the repo man can track cars once a dealer invests in the necessary database software.
Some car dealers have special payment reminder boxes installed in cars under strict lending terms. These devices emit an audible alarm when payment is due. When payments are missed, the dealer controls the ignition and can easily disable the vehicle before a morning commute.Learn more about Salaries