After being fired from his job, Los Angeles slacker and punk rocker Otto (Emilio Estevez) lands a gig working for an eccentric repossession agent named Bud (Harry Dean Stanton). 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 (Olivia Barash), who claims the trunk’s contents are otherworldly.
Former policeman Lenny Nero (Ralph Fiennes) has moved into a more lucrative trade: the illegal sale of virtual reality-like recordings that allow users to experience the emotions and past experiences of others. While the bootlegs typically contain tawdry incidents, Nero is shocked when he receives one showing a murder. He enlists a friend, bodyguard Mace (Angela Bassett), to help find the killer and the two soon stumble upon a vast conspiracy involving the police force Nero once worked for.