Frustrated punk rocker Otto quits his supermarket job after slugging a co-worker, and is later dumped by his girlfriend at a party. Wandering the streets in frustration, he is recruited in the repossession of a car by a repo agent. After discovering his parents have donated his college fund to a televangelist, he joins the repossession agency (Helping Hand Acceptance Corporation) as an apprentice "repo man". During his training, he is introduced into the mercenary and paranoid world of the drivers, befriended by a UFO conspiracy theorist, confronted by rival repo agents, discovers some of his one-time friends have turned to a life of crime, is lectured to near cosmic unconsciousness by the repo agency grounds worker, and finds himself entangled in a web of intrigue concerning a huge repossession bounty on a 1964 Chevy Malibu driven by a lunatic government scientist, with Top Secret cargo in the trunk.