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Business Booming For The Repo Man

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  • Business Booming For The Repo Man

    February 27, 2008

    Memphis, TN – Car repossessions are on the rise in the Mid-South. One area repo man says his business is up by about 50 percent this year. Nationwide, a spokesperson for vehicle wholesaler Manheim says vehicle repossessions are expected to rise 10 percent this year. Vehicle repossessions also rose 10 percent during 2007.
    3 State Auto Recovery Agency office manager Jeremy Briggs says business has been booming since Christmas. Briggs says, “This last year, it has really blown up. It come right outta the water. It's unbelievable how busy we've gotten. And we stay busy too.” He adds, “Business is good. I can't complain.”
    Briggs says he repossesses 20 to 30 cars and trucks every day. He says many of the vehicles are high end. On his lot Tuesday, February 26, 2008, our crew found Jaguars, Chryslers, and Ford SUV’s. Briggs says he has noticed he is towing more BMWs, Hummers, and Lexus vehicles.
    He says he is repossessing vehicles from doctors, lawyers, and other Mid-Southerners who would seem to be able to afford their car notes, including local pro-basketball players. Briggs says, “I kinda like the (Memphis) Grizzlies. But, you know, they gotta pay their notes, same as anyone else.”
    Briggs blames the economy for the rise in repossessions. He says, “A lot of people, they're just not making the amount of money they used to. The economy's so bad right now they can't afford to drive it.”
    Economists say subprime loans are one of the main culprits behind the rise in vehicle repossessions. They say many people were allowed to borrow more money to buy cars than they could afford to pay back.
    Economic experts say you can avoid getting your car repossessed by paying your car note on time every month. These days, some banks will repossess your car even if you have missed just one payment.
    If you are having trouble making your car payment, call your bank or creditor. Experts say they may be willing to work out a payment plan so you can keep your car. Losing your car to the repo man should be a last resort. You will have trouble getting a cheap car loan for years to come if your vehicle gets repossessed.
    Last edited by nickname; 03-23-2008, 05:28 AM.