Beware the Auto Repo Man

[jazz4cash]

I’ve seen a few stories of people thinking their car is being stolen but more often than not they know it’s more likely to be a legitimate repo. Some believe the repo man is evil and not just doin his job. Ever see ‘Parking Wars’ reality show?

 

[treeofpain]

It would be interesting to see the data breakdown. The article seems to imply that the high risk/high interest rate buyers are driving this increase in default rate. If that is the case, then the risk is priced into the deal on the front end.

 

[Bamaman]

I feel like it would take a special breed to be a repo man, or a bondsman. They would literally need to value pride over safety. Being proud to recover stolen goods over fear of due harm.

If someone is reckless enough to let the car payment go 4x without paying, I do NOT want to be the guy to go retrieve it. I would be nervous at every corner.

One big problem is that the Federal laws protect the consumers--even if they're hiding vehicles from the repo man. It's so difficult now to talk to people with them ducking phone calls, etc. If there's no dialogue, someone's got to make the hard decision to put the customer on "ankle express."

But when they start moving and not leaving addresses and ducking the finance companies and hiding the cars, hard core intelligence must often be obtained to take possession of the collateral and avoiding courts. With the internet, it's very, very hard for anyone to escape being found, however.