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Experts say car and truck repossessions are heading for the highest number in over a decade this year. The problem? You guessed it, the wavering economy and the “where do I sign” easiness of credit.
Thomas Webb, chief economist for a unit of Atlanta-based Manheim, told USA Today, he expects a 10 percent rise in repos to 1.6 million nationwide. This number comes on a 10 percent increase in repos in 2007. Webb accredits the problem to overly generous car loans.
Tom Kontos, executive vice president of Indiana-based Adesa Auctions, said, “We’re experiencing significant growth in repo volume to the point where we’re using additional lots to store them. Our inventories are growing to record levels.”
Overshadowed by the mortgage crisis, people forget about the second largest payment people have to make, their vehicle. Locksmith Amy Palmer – whose business has picked up from keys being needed for repossessed vehicles – said, “If you’re not paying for your house, who is paying for the car?”
http://www.usatoday.com/money/autos/2008-02-13-repo-man_N.htm?loc=interstitialskip
Thomas Webb, chief economist for a unit of Atlanta-based Manheim, told USA Today, he expects a 10 percent rise in repos to 1.6 million nationwide. This number comes on a 10 percent increase in repos in 2007. Webb accredits the problem to overly generous car loans.
Tom Kontos, executive vice president of Indiana-based Adesa Auctions, said, “We’re experiencing significant growth in repo volume to the point where we’re using additional lots to store them. Our inventories are growing to record levels.”
Overshadowed by the mortgage crisis, people forget about the second largest payment people have to make, their vehicle. Locksmith Amy Palmer – whose business has picked up from keys being needed for repossessed vehicles – said, “If you’re not paying for your house, who is paying for the car?”
http://www.usatoday.com/money/autos/2008-02-13-repo-man_N.htm?loc=interstitialskip
