Repo Coin ICO: REPO Token & Blockchain Auto Repossession?

Repo Coin is a blockchain-based token that aims to make the world of auto repossessions more efficient. Find out how it works today in our review.

What Is Repo Coin?

Repo Coin, or REPO, is a utility token designed to reward people who assist with auto repossessions. You receive a reward in REPO in exchange for scanning someone’s license plate. Then, the REPO you earn can be exclusively used to pay for goods and services in the Repo Coin store.

Right now, that store features items like an iPhone, an Xbox One, a PlayStation, a Microsoft Surface, and an Amazon gift card.

The coin is also connected to the world of auto repo – or auto repossession. The goal of the token is to not just offer a digital payment method – but to also make it easier to transfer auto repo payments.

Obviously, there’s a lot going on with Repo Coin. Let’s take a closer look at how it works.

How Does Repo Coin Work?

Here’s the basic process used with Repo Coin:

Step 1) Download the Repo Coin mobile app and scan license plates of any cars you see on the street

Step 2) If a license plate is tagged for repossession, then the app user will receive an alert along with the vehicle’s leader and the recovery agent

Step 3) A recovery truck is dispatched to your location, at which point the recovery agent repossesses the vehicle

Step 4) Users earn REPO tokens in exchange for their work, and then they can spend their tokens on stuff from the Repo Coin store

Overall, Repo Coin seems like an unusual project. Repo Coin wants to send an army of users on the streets to take photos of all license plates they see. Then, on the small chance that one vehicle is facing a repossession order, a lender and recovery agent can be dispatched to that address.

I can already see some flaws with the Repo Coin ecosystem. How many times do you need to take a license plate photo before you earn REPO tokens? How many cars on the street are currently facing a repossession order?

What happens if someone has swapped the license plates? What happens if a Repo Coin user is confronted by someone after they take a picture of their license plate? How many cars do you need to report to the Repo Coin ecosystem before you can purchase an item from the online store?

Repo Coin also has a “car giveaway program” where they’re giving away cars to three people who write essays to the platform. You’re asked to write a short essay explaining how owning a car could change your life. Repo Coin will choose 3 finalists. These finalists will be asked to make a short video and post it online, and then the Repo Coin community will vote on the videos. The winner will receive a car – or possibly 1 million REPO tokens.

Overall, Repo Coin seeks to bring the $1 billion auto repossession industry onto the blockchain. It wants to make vehicle repossession easier for recovery agents and vehicle lenders.

Repo Coin will use blockchain technology and smart contracts mostly to exchange information between auto lenders and repossession companies. Smart contracts promise to “eliminate the delays and additional fees” that occur during the repo process while facilitating easier communication between companies.

Repo Coin is specifically built on the Stellar Lumens (XLM) network.

Users will interact with the Repo Coin ecosystem through the mobile app for iOS and Android.

What Problems Does Repo Coin Seek To Solve?

Repo Coin has identified a number of problems with today’s auto repossession industry. The company claims that auto repossessions are on the rise in the United States. More and more Americans are leasing or buying vehicles and then avoiding payments. That means lenders and recovery agents need to repossess vehicles.

Some of the identified problems in the Repo Coin whitepaper include:

  • The current model for the auto repo industry “does not effectively meet the demands of auto lenders, which have increased exponentially since 2012,” according to the whitepaper
  • Today’s industry relies on expensive, inefficient technology to locate delinquent vehicles, leading to a slow and costly recovery process for lenders seeking to recover lost assets
  • In 2017, 6.3 million Americans were 90 or more days late on their car payments; that’s the highest number ever
  • License plate recognition technology, or LPR, is expensive and difficult to implement
  • There’s an inefficient communication process between lenders and repossession companies

Repo Coin plans to solve all of these problems using blockchain technology and smart contracts.

How Do Repo Coins Work?

Repo Coins are built on the Stellar Lumens (XLM) protocol. The company will create a total of 357 million tokens. 50% of tokens will stay in a reserve fund to be given away over time to users who participate in license plate scanning, raffles, and referrals.

The remaining tokens will be given to the company’s founders (30%) and to a company reserve fund for operating expenses (20%).

As you can see, Repo Coin has not allocated any coins to a token sale. The company does not appear to be planning a token sale.

Who’s Behind Repo Coin?

Repo Coin is led by Fahim Aref (Co-Founder and CEO) and Sana Othman (Co-Founder and CFO). Aref is a blockchain enthusiast who co-founded Scan Halal, the world’s #1 halal app. He has 20 years of experience in real estate, oil and gas, and consumer electronics markets. Othman, meanwhile, has a background in banking.

Fahim founded Repo Coin in Chicago in December 2017.

Repo Coin ICO Conclusion

Repo Coin aims to use blockchain technology to disrupt the auto repossession industry. The goal is to lower costs and increase efficiency across the auto repo space.

Basically, Repo Coin will reward users with REPO tokens when they take pictures of someone’s license plate. You walk around the city taking pictures of as many license plates as possible (assuming the cars are parked in a public space).

Then, Repo Coin will compare that license plate data to its library of delinquent vehicles (i.e. vehicles where owners have stopped filing payments). If you take a picture of a license plate that matches with data from a delinquent vehicle, then a vehicle recovery agent will be dispatched to your location, and you’ll receive a reward in the form of REPO tokens.

You can then spend REPO tokens on the online store, where you can purchase iPhones, tablets, computers, and more. To learn more about Repo Coin and how it works, visit online today at

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