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Repo Madness II


People whose cars are being repossessed are not the only ones frustrated.  The Wall Street Journal reports The Recession’s Gotten So Bad, Even the Repo Man’s Singing the Blues.  Despite an increase in the number of repossessions repo company revenue fell 23% from 2007 to 2008.  Competition is forcing companies to cut their per-car fees.  Where debtors once just gave back the keys because credit was loose, “many debtors are desperate to keep their vehicles”–which increases the likelihood of confrontations.  The article details a hunt for a red Jeep whose owner owed $2,100.  After searching for hours the repo men found the owner’s address, located the vehicle, and towed it away at–you guessed it–4.15 a.m.

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This was written by David Randall. Posted on Tuesday, March 10, 2009, at 11:06 am. Filed under Economy. Tagged . Bookmark the permalink. Follow comments here with the RSS feed. Post a comment or leave a trackback.

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