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Business is good for repo men in Houston

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  • Business is good for repo men in Houston

    http://www.khou.com/news/local/stori....3ae41430.html

    Khou.com April 7, 2008

    HOUSTON — Henry McCarty is in one of those rare businesses where when the economy struggles, his work thrives. “We’re running 24 hours a day, seven days a week just to keep up,” he said.
    McCarty’s in the repo business, and lately, business is good.
    He runs Citywide Lien Enforcements.
    McCarty said in the wake of the mortgage crisis and higher gas prices, many Houstonians are defaulting on car and truck loans.
    “They’re bankers, police officers, even doctors,” he said.
    That means repo men are working longer hours and even coming in on their days off to keep up with the workload.
    “There are a lot of people out there that fall on tough times,” McCarty said.
    And it’s not just cars and trucks.
    Another repo company said it’s also seen a spike in the number of luxury items being taken away – items like boats and motorcycles.
    Experts say about $1.5 million vehicles were repossessed last year. That’s a 15-percent increase from 2006.
    Another 10-percent jump is expected this year.
    McCarty said most people don’t try to stop the repo man when he comes calling. Many of them expect it.
    “People are giving up these big cars because of gas prices and going to more economicals,” he said.
    Most of the repossessed cars are sold at auction. A small percentage of them are returned to their owners, but only if they can get caught up on their bills.
    It just proves that a hardship for one can be good business for another.
    “We’re not out there to try to be the bad guy,” McCarty said.
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