Otto (Emilio Estavez) is a wound-up punker in suburban Los Angeles. He suffers a number of misfortunes early in the film, losing his job and girlfriend, and finding out that his stoner parents have given his entire college fund to a televangelist. He is approached by car repossessor Bud (Harry Dean Stanton), who needs a vehicle driven out of a "bad area. " Otto does him this favor, and is soon hired by the "Helping Hand Acceptance Corporation" as a repo man himself.
Otto finds the life exciting, with considerable drug use and real-life car chases. After a short while, he finds himself bonding with the older repo men, and the good pay is a perk as well. Soon every repo man in town is on the trail of an old Chevy Malibu, driven by a weird scientist guy. There's something very odd in the trunk, possibly dead aliens. Bud and Otto almost get the vehicle and the $20,000 bounty, but are intercepted by FBI Agent Rogerz (Susan Barnes) and her team. In a strange conclusion, it turns out the glowing Malibu can fly!.