Many documents bear a simple note: "Can't pay. Pick up the car."

[NNN0LHI]

http://www.chicagotribune.com/news/nationworld/chi-repo-man_martinezmay19,0,5698648.story

Vehicle repos in high gear

Loan defaults up sharply in throes of sluggish economy

LOS ANGELES — "JJ the Repo Man," as 40-year-old Jon Anderson calls himself, has 100 repossession orders piled on the dashboard of his tow truck.

Many documents bear a simple note: "Can't pay. Pick up the car." In short, the car owner is surrendering to the troubled economy's Grim Reaper: the repo man.

"It's easier for these people to say, 'Here, take it!' " said the 6-foot-2-inch, 250-pound Anderson, driving to a lot filled with scores of cars he's repossessed in recent weeks. "They can't afford a car payment, insurance and paying high gas prices. I'd say 75 percent of them are losing their houses, everything. It's just a big mess right now."

Just as home foreclosures have become a national crisis, prompting the U.S. House to pass a $300 billion bailout bill recently, auto loans have become the other shoe to drop.

[tomreedtoon]

1. How about the infomercials for repo'ing homes?

I have seen these on late-night TV. They have people on a phony news set, talking about the great opportunities in home repossession. They pooh-pooh the idea of people being thrown out on the street and emphasize the money to be made.

If the commercial were honest they'd show crying children, despairing parents and big thug-like individuals dumping their worldly goods on the lawn.

[RB TexLa]

2. Ever seen a mobile home repossessed? They drive up when the last person leaves for the day

back the truck up, unhook it from everything, put on the tires, hook it up to the truck and drive off. Nothing is removed or dumped anywhere, anything in the home goes with it.

[NNN0LHI]

3. Same thing for cars I had a friend who had his van repo-ed while he was sleeping in the back of it

Whoa dude!

Don

[laylah]

4. I, too, have seen them...

freakin' bottom feeders! :mad:

[Warpy]

5. Anything with less than 25 MPG and lots of money still owed on it

is probably being repoed. It's one way people who find they can't sell the damned things for the loan balance can get out from under that debt.

It ruins their credit but they quite rightly figure that being out from under the loan and the collision insurance will compensate for that.

[Indenturedebtor]

6. So long as they can still get to work

After a repo IF you play your cards right and your credit was good before the repo in a year you can get a loan for a piece of crap. At a high interest rate, that will give you about the same payment as the newer car you had repo'd. It's not a good way to go. Oh and you better have some down payment to throw in the deal too.

[Warpy]

9. or you can get a REAL POS for the first month's

combined car and insurance payment, the one you miss before the repo man shows up. Yes, there are $600 pieces of absolute rubbish out there and if you put gas in them (plus a can of oil every 100 miles) they will go.

[Indenturedebtor]

10. True that. I did that when we moved to AZ

Ended up out a couple grand and missing work a few times. Almost lost my job. Employers don't care why you're not at work. That's the problem with that :(

[Johonny]

7. this would less of an issue

Had LA any sort of mass transit system in place...

[supernova]

8. So glad I bought my car outright

a couple of years ago. Bought a slightly used but new to me Honda CRV with cash. No car note to worry with.