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They're
Coming to Take Your Car
With the
housing market as bad as it has been, it
is no wonder that the auto loan industry
is feeling the pinch as well. As people
get behind in their bills, it is only
natural that auto loan payments would come
right behind mortgages. For those that
choose not to pay their auto loans, or are
unable to, unfortunately they won’t have
their cars for long.
The “repo man” as they are most commonly
referred to, is a person who comes and
takes your car for failure to pay your
auto loan. It doesn’t matter where you
are, or what your situation is, the holder
of your auto loan will call them and they
will come take your car back – as simple
as that.
However, with things being as bad as they
are, those in the industry say that the
number of cars that they have had to
repossess over the past few months has
grown drastically. They say that the banks
have been calling more often on people who
have defaulted on their car loans.
They say that they are much busier than
they were a year ago, before car loans and
mortgages got so far behind for so many
people. According to the American Bankers
Association, 2.86% of auto loans are now
in delinquency status, which is a 16 year
high for the industry. They say that with
auto loan delinquencies continuing to
increase, and the number of autos being
repossessed increasing, things are going
to continue to get worse for the industry
as a whole.
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January 2008
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