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Millions of auto repossessions happen every year in United States
http://www.wivb.com/Global/story.asp?S=8617647
BUFFALO, N.Y. (WIVB) - No one wants to come face-to-face with the car repo man. But with prices up for just about everything, more and more repo agents are knocking on doors, and the outcome's not always pretty.
Food prices are up...
Gas prices are up...
And so is business for Big Dog Daddy.
Auto recovery agent Matthew Farrell said, "We're up about twenty percent then what we were last year at this same time."
Farrell, an auto recovery agent, better known as a "repo guy."
When asked if he ever felt bad about doing this Farrell says, "Yes. I'd have to say on 90 percent of the repos."
"We have jobs we have to do just like everybody else. We have bills we have to pay. We have mortgages that we have to pay."
It's a tough job. Sometimes down right dangerous. Matt Farrell has the battle scars to prove it. "They came out with a kitchen knife, and they got me right from there across to there."
One day we traveled with Farrell as he snatched a vehicle from a busy western New York shopping center.
The target: a blue Chevrolet Impala missing a front license plate. The owner is working, and has no idea what's about to happen.
In just a few minutes from now the repo guys are going to pull up.
Our cameras are positioned just a short distance away.
Luke Moretti (on phone): Matt, hi we're ready for you here.
Matthew Farrell: "Alright."
In a matter of seconds, the tow truck rolls in and takes the vehicle without incident. It's just one of millions of auto repossessions that happen every year across the country.
It was very fast. You pulled up, and you were out of here within 30 seconds.
"Obviously the less time we spend hooking a car up, the safer our job is," says Farrell
There were more than a million and a half repossessions last year, marking one of the biggest increases in a decade.
If you're behind on payments, whatever you do, don't ignore the notices, or you'll have a repo guy breathing down your side view mirror. And that's the last thing banks want.
Scott Laughlin of Consumer Credit Counseling said, "It's very important for individuals to keep the communication open with the bank. They're much more likely to help you with regards to any sort of a repossession if they have the communication that's kept open."
Believe it or not, some people are dropping off their vehicles rather than wait for the repo guy to come knocking.
How often does that happen?
Matthew Farrell said, "Never."
So, what does that tell you about the economy and the situation today?
"People are giving up. It's a sad situation."
http://www.wivb.com/Global/story.asp?S=8617647
BUFFALO, N.Y. (WIVB) - No one wants to come face-to-face with the car repo man. But with prices up for just about everything, more and more repo agents are knocking on doors, and the outcome's not always pretty.
Food prices are up...
Gas prices are up...
And so is business for Big Dog Daddy.
Auto recovery agent Matthew Farrell said, "We're up about twenty percent then what we were last year at this same time."
Farrell, an auto recovery agent, better known as a "repo guy."
When asked if he ever felt bad about doing this Farrell says, "Yes. I'd have to say on 90 percent of the repos."
"We have jobs we have to do just like everybody else. We have bills we have to pay. We have mortgages that we have to pay."
It's a tough job. Sometimes down right dangerous. Matt Farrell has the battle scars to prove it. "They came out with a kitchen knife, and they got me right from there across to there."
One day we traveled with Farrell as he snatched a vehicle from a busy western New York shopping center.
The target: a blue Chevrolet Impala missing a front license plate. The owner is working, and has no idea what's about to happen.
In just a few minutes from now the repo guys are going to pull up.
Our cameras are positioned just a short distance away.
Luke Moretti (on phone): Matt, hi we're ready for you here.
Matthew Farrell: "Alright."
In a matter of seconds, the tow truck rolls in and takes the vehicle without incident. It's just one of millions of auto repossessions that happen every year across the country.
It was very fast. You pulled up, and you were out of here within 30 seconds.
"Obviously the less time we spend hooking a car up, the safer our job is," says Farrell
There were more than a million and a half repossessions last year, marking one of the biggest increases in a decade.
If you're behind on payments, whatever you do, don't ignore the notices, or you'll have a repo guy breathing down your side view mirror. And that's the last thing banks want.
Scott Laughlin of Consumer Credit Counseling said, "It's very important for individuals to keep the communication open with the bank. They're much more likely to help you with regards to any sort of a repossession if they have the communication that's kept open."
Believe it or not, some people are dropping off their vehicles rather than wait for the repo guy to come knocking.
How often does that happen?
Matthew Farrell said, "Never."
So, what does that tell you about the economy and the situation today?
"People are giving up. It's a sad situation."