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March 19, 2008
Repossessions are up at least 15 percent across the nation and Central Florida is no exception. 1.5 million repos happened across the country last year. Those who fear the sound of that tow truck rolling up to your house in the middle of the night, should be worried.
Repossessors in Central Florida said each driver is picking up 5 cars a day, but say they have at least 30-40 each on the list, if they could find them they would be taking away at least 200 cars a week. It's a busy for business right now. Folks like Blackjack towing owner Steve Stetler, who doesn't normally do repossessions, is finding himself doing at least 10 a week. "A lot of repossession companies in Orlando have been getting backed up,” he said. “So they have hired us on."
Why is there such a rush on repos? Two big reasons: The sub prime lending mess, car loans that were extended longer and cost more. People are unable to keep up with their payments. Second the economy is so bad, that forced with a decision to stop paying the mortgage or the car payment, the car usually goes.
Brenda Ayala knows the sound of a repo man doing his job. "I came out of work for lunch,” she said. “And I saw them taking away my car. She said she was behind only a month.
So what do you do if the repo man is after you? First, if you think you're going to be late on a payment, call your lender. Tell them you'll make the payment by a certain date. If you get the okay to be late, get it in writing. If your vehicle has already been repossessed you have about 40 days before it goes to auction. That means you can still pay the outstanding debt and get it back. If you can't pay, try to refinance your debt. If the bank doesn't let you refinance, you can still do a voluntary repossession. It will affect your credit but it's better than having the repo man snatch your vehicle in the middle of the night and you won't have to pay repossession fees.
March 19, 2008
Repossessions are up at least 15 percent across the nation and Central Florida is no exception. 1.5 million repos happened across the country last year. Those who fear the sound of that tow truck rolling up to your house in the middle of the night, should be worried.
Repossessors in Central Florida said each driver is picking up 5 cars a day, but say they have at least 30-40 each on the list, if they could find them they would be taking away at least 200 cars a week. It's a busy for business right now. Folks like Blackjack towing owner Steve Stetler, who doesn't normally do repossessions, is finding himself doing at least 10 a week. "A lot of repossession companies in Orlando have been getting backed up,” he said. “So they have hired us on."
Why is there such a rush on repos? Two big reasons: The sub prime lending mess, car loans that were extended longer and cost more. People are unable to keep up with their payments. Second the economy is so bad, that forced with a decision to stop paying the mortgage or the car payment, the car usually goes.
Brenda Ayala knows the sound of a repo man doing his job. "I came out of work for lunch,” she said. “And I saw them taking away my car. She said she was behind only a month.
So what do you do if the repo man is after you? First, if you think you're going to be late on a payment, call your lender. Tell them you'll make the payment by a certain date. If you get the okay to be late, get it in writing. If your vehicle has already been repossessed you have about 40 days before it goes to auction. That means you can still pay the outstanding debt and get it back. If you can't pay, try to refinance your debt. If the bank doesn't let you refinance, you can still do a voluntary repossession. It will affect your credit but it's better than having the repo man snatch your vehicle in the middle of the night and you won't have to pay repossession fees.
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