repo!

cardude007617 · 10-14-2008, 10:14 AM

The mortgage meltdown and the financial crisis on Wall St. is one of the biggest stories of the decade, but another serious problem is hitting automakers in very much the same way. All those real estate agents and mortgage brokers that reaped the rewards of the housing boom are losing their Bimmers and Lexuses because the money train flew off the tracks. Repos in the US are poised to hit the 1.9 million mark, which is 15% more than in 2007. Construction workers that ponied up big cash for an expensive truck or SUV are now searching for work, and they can't pay their monthly payments, much less the gas.

At first glance it would appear that automakers were doling out bad loans just like the banks, but that's not entirely true. The high amount of luxury vehicles being repo'd have gone up as well, and many of those buyers have very good credit scores. Automakers are losing big here, too. The average loss on a repo is about $10,000 at GM and Ford. Some repo men say they're actually struggling since Automakers are lowering payments on struggling loanees instead of retrieving the defaulted vehicle. And heavily discounted repos that hit dealers give customers one more incentive to bypass the new car lot. In all the record high rate of repossessions is just one more reason the auto market is in a nose dive.

http://www.autoblog.com/2008/10/14/r...repos-in-2008/

i dont know why people get a loan on a car that they can't realistically pay for...
"Sure, we'll just not eat 4 days out of the week, now we can afford that Escalade"

timberwoof · 10-14-2008, 10:57 AM

Repos are getting more common in my area too.

SSRacer · 10-14-2008, 11:06 AM

Quote:

Originally Posted by cardude007617

i dont know why people get a loan on a car that they can't realistically pay for...
"Sure, we'll just not eat 4 days out of the week, now we can afford that Escalade"

I think you missed the point. They could pay for it before their respective jobs (realtor, construction worker, etc) went belly up. I have no problem making the payments on my wife's SanteFe now. But if I was suddenly out of a job or took a huge cut in pay, it would be a different story.

DrFabulous · 10-14-2008, 11:10 AM

People are either too stupid to sell their car before it gets to that point, or they were stupid enough to take a loan on a car that they would always be behind on.

notsoaveragej0e · 10-14-2008, 11:53 AM

Don't even get me started. If you're car gets repossessed, you made a poor decision at some point, no matter what. Period.

(I used to be a repo man)

grandam3400 · 10-14-2008, 12:05 PM

I have a friend that owns a repo company... times are not that good right, thats true. But I there are many reasons why people get their car towed. We pick-up one girl's car because she was only 2 weeks late on her payment! That seemed crazy to me. When I asked him why, he said she might have a high risk loan, and that was part of the agreement, or she called them and told them to come get it.

In the past it did seem like most of the cars were coming from Detroit, but now they are coming from the burbs. Everywhere from Northville, Troy, Bloomfield Hills, and other higher end cities.

GregFarz78 · 10-14-2008, 12:18 PM

Quote:

Originally Posted by DrFabulous

People are either too stupid to sell their car before it gets to that point, or they were stupid enough to take a loan on a car that they would always be behind on.

Exactly...hey its the american way buy what we can't afford! Lets face it I'd be willing to bet 98% of these repo's are from stupid decisions the other 2% probably has a legit reason.

2002GT · 10-14-2008, 12:28 PM

Wow. Some of your guys posts are retarded. Sometimes people can't control when they lose their job.

Cody - Do the repo companies notify your agency when they are doing a repo? They do here and the dispatcher advises the SGT on duty. And I can defintely notice the amount of repo's have gone up here too.

Ajaxus · 10-14-2008, 12:44 PM

Had it happen to a friend of mine, he was dropping hundreds of dollars a month on mods..and not making his payments, completely jacked up. He deserved what he got, now his chances of ever getting a loan or making a decent car purchase are ****ed up until he can rebuild his credit.

Chalk another one up for the credit crisis..

notsoaveragej0e · 10-14-2008, 12:47 PM

Quote:

Originally Posted by 2002GT

Wow. Some of your guys posts are retarded. Sometimes people can't control when they lose their job.

Cody - Do the repo companies notify your agency when they are doing a repo? They do here and the dispatcher advises the SGT on duty. And I can defintely notice the amount of repo's have gone up here too.

Yes, losing your job obviously will have an impact on your ability to make payments, but in my experience 90% of people who have their ish repossessed planned very poorly. Chances are, you know if you're in a field where you don't necessarily have job security (building cars on an assembly line, for example). Given this, you have no reason to finance a brand new car which is paid for by something like 60% of your weekly paycheck. I saw it all the time- guys would be working hourly jobs and making payments on three or four cars (only 2 of which they needed), and these same guys have two mortgages (a house up north), a couple jetskis and maybe a four wheeler or two. I can't tell you how many $45k pickup trucks and Escalades I repossessed from LINE WORKERS!

Very rarely did I hear a legitimate sob story. Seriously, people make stupid decisions then expect others to feel bad when they get stuck. None want to take responsibility and solve the problem themselves (or avoid it all together)!

grandam3400 · 10-14-2008, 01:14 PM

I do agree that most of time it is people just not caring. Most don't think that their's won't get repo'd. The others, I do feel bad for. It's a big part of your life to lose. Especially if you need it to get to work in order to pay the bills. Sucks...

One guy was over 18months late!! He must have been moving a lot for them not to find the vehicle for almost a year and a half. He owed like $5600 or something in just late payments. The stupid thing wasn't even worth half that when we got it.

notsoaveragej0e · 10-14-2008, 02:00 PM

Quote:

Originally Posted by grandam3400

I do agree that most of time it is people just not caring. Most don't think that their's won't get repo'd. The others, I do feel bad for. It's a big part of your life to lose. Especially if you need it to get to work in order to pay the bills. Sucks...

One guy was over 18months late!! He must have been moving a lot for them not to find the vehicle for almost a year and a half. He owed like $5600 or something in just late payments. The stupid thing wasn't even worth half that when we got it.

And see, even the ones I would repo that only had one car and worked a steady job, generally did something stupid. I just couldn't understand why someone would finanace a NEW car if they were working a 9-5 job with crappy pay... there are enough used, reliable cars out there for a good price that will do the same as whatever G6 or new car they were driving.

It comes down to pride, and when someone didn't want to swallow it I had no problem taking their car back. I'd even tell them to have a nice day, after their car got picked up... even if they tried to hide it from us.

On a separate note, for a time this summer GMAC was telling its employees not to repo Hummers or pickups, simply because they were losing their asses at auction on them.

rocketfast123 · 10-14-2008, 05:10 PM

NWS
Repo

hass · 10-14-2008, 09:06 PM

I got my car repo'd once... =(

In the sims.

crazypontiac03 · 10-14-2008, 09:17 PM

It happens, with people losing there Job etc. Car's First and Home's second.

If i was behind on payments on my HHR, i think i would call them and tell them to come get it. Its easier to have them repoed then to trade them back into the dealer.

PhantomLover007 · 10-14-2008, 09:25 PM

Quote:

Originally Posted by hass

I got my car repo'd once... =

In the sims.

I did in real life. I'll explain why later. Too tired to right now...

bigstribs · 10-14-2008, 09:44 PM

sh!t happens, thats all i have...for now

notsoaveragej0e · 10-14-2008, 10:06 PM

Quote:

Originally Posted by crazypontiac03

It happens, with people losing there Job etc. Car's First and Home's second.

If i was behind on payments on my HHR, i think i would call them and tell them to come get it. Its easier to have them repoed then to trade them back into the dealer.

You're generally best off selling it privately if you're financing to own. If you're leasing, try to find someone to take it over... granted, if your credit is already shot, it wont make a difference; a car repo (especially in this market) will guarantee you wont get a car loan for 5-10 years.

heeroyue2002 · 10-14-2008, 10:11 PM

i went and repo'd a car from a now former friend. =]

PhantomLover007 · 10-15-2008, 08:27 PM

Quote:

Originally Posted by heeroyue2002

i went and repo'd a car from a now former friend. =]

WOW!!! That's really messed up.

10-14-2008, 10:14 AM	#1
cardude007617 mmm turbo boost AKA: Paul Join Date: Dec 2006 Location: Milwaukee WI Age: 31 Posts: 4,870 Vehicle: 2005 WRX Sedan 5 Speed	repo! The mortgage meltdown and the financial crisis on Wall St. is one of the biggest stories of the decade, but another serious problem is hitting automakers in very much the same way. All those real estate agents and mortgage brokers that reaped the rewards of the housing boom are losing their Bimmers and Lexuses because the money train flew off the tracks. Repos in the US are poised to hit the 1.9 million mark, which is 15% more than in 2007. Construction workers that ponied up big cash for an expensive truck or SUV are now searching for work, and they can't pay their monthly payments, much less the gas. At first glance it would appear that automakers were doling out bad loans just like the banks, but that's not entirely true. The high amount of luxury vehicles being repo'd have gone up as well, and many of those buyers have very good credit scores. Automakers are losing big here, too. The average loss on a repo is about $10,000 at GM and Ford. Some repo men say they're actually struggling since Automakers are lowering payments on struggling loanees instead of retrieving the defaulted vehicle. And heavily discounted repos that hit dealers give customers one more incentive to bypass the new car lot. In all the record high rate of repossessions is just one more reason the auto market is in a nose dive. http://www.autoblog.com/2008/10/14/r...repos-in-2008/ i dont know why people get a loan on a car that they can't realistically pay for... "Sure, we'll just not eat 4 days out of the week, now we can afford that Escalade" __________________ http://www.cardomain.com/ride/2565053 -2005 World Rally Blue Subaru Impreza WRX Sedan: Tanabe Touring 3in catback, ERZ bellmouth catted downpipe, catless uppipe, SPT Pink springs, SPT short shifter, SPT intake, stereo, Cobb Accessport stage II, Prosport boost/oil temp/volt gauges, 35%, 17x8 Rota Torques, F/R strut braces It's what makes a Subaru, a Subaru.

10-14-2008, 11:10 AM	#4
DrFabulous FIGJAM AKA: Matt Join Date: Mar 2004 Location: MN Posts: 9,675 Vehicle: Acura\|Chevy\|Porsche	People are either too stupid to sell their car before it gets to that point, or they were stupid enough to take a loan on a car that they would always be behind on. __________________ '18 Acura MDX Kid hauler '15 Chevrolet Tahoe Toy Hauler '01 Porsche Boxster Project

10-14-2008, 11:53 AM	#5
notsoaveragej0e Causes a ruckus AKA: Joe Join Date: Jun 2004 Location: Detroit, MI Age: 34 Posts: 5,011 Vehicle: Maligoat	Don't even get me started. If you're car gets repossessed, you made a poor decision at some point, no matter what. Period. (I used to be a repo man) __________________

10-14-2008, 09:17 PM	#15
crazypontiac03 MiDnIgHt AKA: Jason/Sparky Join Date: Oct 2003 Location: IL Age: 37 Posts: 3,019 Vehicle: 2008 HHR/05 Galant	It happens, with people losing there Job etc. Car's First and Home's second. If i was behind on payments on my HHR, i think i would call them and tell them to come get it. Its easier to have them repoed then to trade them back into the dealer. __________________ Ashes to ashes, dust to dust, if it wasn't for FORD's our tools would rust! "Unions were the rise and will be the fall of this Great Nation" "A simple way to take measure of a country is to look at how many want in... And how many want out." Only two defining forces have ever offered to die for you: 1. Jesus Christ 2. The American G. I. One died for your soul, the other for your freedom. -Tony Blair

10-14-2008, 09:44 PM	#17
bigstribs Bimmer Baby AKA: mike Join Date: Jan 2007 Location: Toledo Age: 39 Posts: 819 Vehicle: 1992 BMW 325is	sh!t happens, thats all i have...for now __________________ M Power

10-14-2008, 10:57 AM	#2
timberwoof Law Dawg AKA: Cody Join Date: Jul 2006 Location: Portland Tx Posts: 1,827 Vehicle: 2004 Grand Am SE1	Repos are getting more common in my area too.

10-14-2008, 12:05 PM	#6
grandam3400 GAGT - Member AKA: Tim Join Date: Nov 2006 Location: Farmington Hills, MI Age: 39 Posts: 367 Vehicle: 1999 Grand Am GT coupe	I have a friend that owns a repo company... times are not that good right, thats true. But I there are many reasons why people get their car towed. We pick-up one girl's car because she was only 2 weeks late on her payment! That seemed crazy to me. When I asked him why, he said she might have a high risk loan, and that was part of the agreement, or she called them and told them to come get it. In the past it did seem like most of the cars were coming from Detroit, but now they are coming from the burbs. Everywhere from Northville, Troy, Bloomfield Hills, and other higher end cities.

10-14-2008, 12:28 PM	#8
2002GT GAGT - Junkie AKA: Nick Join Date: Aug 2002 Location: Southeast Posts: 3,817 Vehicle: Charger 392	Wow. Some of your guys posts are retarded. Sometimes people can't control when they lose their job. Cody - Do the repo companies notify your agency when they are doing a repo? They do here and the dispatcher advises the SGT on duty. And I can defintely notice the amount of repo's have gone up here too.

10-14-2008, 01:14 PM	#11
grandam3400 GAGT - Member AKA: Tim Join Date: Nov 2006 Location: Farmington Hills, MI Age: 39 Posts: 367 Vehicle: 1999 Grand Am GT coupe	I do agree that most of time it is people just not caring. Most don't think that their's won't get repo'd. The others, I do feel bad for. It's a big part of your life to lose. Especially if you need it to get to work in order to pay the bills. Sucks... One guy was over 18months late!! He must have been moving a lot for them not to find the vehicle for almost a year and a half. He owed like $5600 or something in just late payments. The stupid thing wasn't even worth half that when we got it.

10-14-2008, 09:06 PM	#14
hass Loser =( AKA: mike Join Date: Dec 2006 Location: Lancaster, NY Posts: 458 Vehicle: 1999 Grand Am GT	I got my car repo'd once... =( In the sims.

10-14-2008, 10:11 PM	#19
heeroyue2002 GAGT - Member AKA: chuy Join Date: Dec 2006 Location: fresno,ca Posts: 88 Vehicle: 1997	i went and repo'd a car from a now former friend. =]

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