After being fired from his job, Los Angeles slacker and punk rocker Otto lands a gig working for an eccentric repossession agent named Bud. At first, Otto is reluctant to work as a repo man, but he grows to love the fast-paced job. After learning of a Chevy Malibu that has been given a $20,000 price tag, Otto embarks on a quest to find the car with the beautiful Leila, who claims the trunk's contents are otherworldly.