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Business Is Booming For Auto Repossession Companies
It's not just homes that are being taken away these days. More and more people are falling behind on their car payments, and vehicles are being repossessed in record numbers. It's a job that can be very dangerous for the repo man.
Steve Guy is a repo man. He repossesses cars for a living, and it's dangerous. On Tuesday morning, he was just doing his job when the owner of the vehicle came out and made some threats towards the tow truck drivers. He displayed a firearm and fired a round.
Guy didn't want to talk about the incident, but his boss and owner of Western Accounts Services in Lemon Grove says he knows people get upset when their cars are repossessed.
Consumer affairs attorney Michael Lindsey doesn't feel sorry for the repossession business.
"This is the underbelly side of the seamy side of the banking industry," he said.
Business is booming for repo companies. According to an Atlanta-based vehicle auction company, more than 1 million vehicles were repossessed nationwide last year. This year, that number is expected to grow by 10 percent.
Western Account Services picks up seven to eight cars a day. More than 100 repossessed vehicles are gathering dust in their fenced facility, and the reason - the economy. Many people are faced with a decision of whether to pay their mortgage or make a car payment.
No one was hurt in Tuesday's incident. The suspect, who happens to be a security guard, faces numerous felony charges. Guy can take a car any time, from any location, as long as he's not entering private property or a secured building. It's a fact Lindsey doesn't like.
"Most of the tow truck companies, they behave badly across the board," she said.
And if you're at risk of having your vehicle repossessed, here's some free legal advice:
"I tell them get all your personal property out of the car, park in the driveway - that's the best place for it to be repossessed from," Lindsey said.
He also says give them the keys and avoid a confrontation, because repossessing a vehicle can be dangerous.
If you're looking for a good deal in a used car, consider auction wholesalers. Repossessed vehicles are auctioned off at significant discounts, and consumers can usually save money.
Business Is Booming For Auto Repossession Companies
It's not just homes that are being taken away these days. More and more people are falling behind on their car payments, and vehicles are being repossessed in record numbers. It's a job that can be very dangerous for the repo man.
Steve Guy is a repo man. He repossesses cars for a living, and it's dangerous. On Tuesday morning, he was just doing his job when the owner of the vehicle came out and made some threats towards the tow truck drivers. He displayed a firearm and fired a round.
Guy didn't want to talk about the incident, but his boss and owner of Western Accounts Services in Lemon Grove says he knows people get upset when their cars are repossessed.
Consumer affairs attorney Michael Lindsey doesn't feel sorry for the repossession business.
"This is the underbelly side of the seamy side of the banking industry," he said.
Business is booming for repo companies. According to an Atlanta-based vehicle auction company, more than 1 million vehicles were repossessed nationwide last year. This year, that number is expected to grow by 10 percent.
Western Account Services picks up seven to eight cars a day. More than 100 repossessed vehicles are gathering dust in their fenced facility, and the reason - the economy. Many people are faced with a decision of whether to pay their mortgage or make a car payment.
No one was hurt in Tuesday's incident. The suspect, who happens to be a security guard, faces numerous felony charges. Guy can take a car any time, from any location, as long as he's not entering private property or a secured building. It's a fact Lindsey doesn't like.
"Most of the tow truck companies, they behave badly across the board," she said.
And if you're at risk of having your vehicle repossessed, here's some free legal advice:
"I tell them get all your personal property out of the car, park in the driveway - that's the best place for it to be repossessed from," Lindsey said.
He also says give them the keys and avoid a confrontation, because repossessing a vehicle can be dangerous.
If you're looking for a good deal in a used car, consider auction wholesalers. Repossessed vehicles are auctioned off at significant discounts, and consumers can usually save money.