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Tough economy good for auto repossession agencies

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  • Tough economy good for auto repossession agencies

    http://www.abc4.com/news/local/story...0-d0c1109286af

    Tough economy good for auto repossession agencies

    SALT LAKE CITY (ABC 4 News) More and more automobiles are being repossessed lately. Experts say the collateral recovery business is booming here in Utah.

    Wayne is a repo man for Reproís Recovery Works out of Murray. He says he's been doing repos, bounty work, and investigations for more than 14 years.

    Wayne who has almost 10-thousand repossessions under his belt knows why he's been so busy. Wayne says, ďI think we are a credit-generated nation. It is catching up with us a little bit."

    Nationally, auto delinquencies are at their second highest rate in 17 years at just over 3 percent in the first quarter of this year.

    Wayne says on several occasions he's given people a break like single mothers with kids, helping them catch up with their payments.

    But, itís not just automobiles that are being repossessed. According to the American Bankers Association boat delinquencies are up twice as high as two years ago.
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