With the National Economy Falling, Repossessions are Increasing
The national economy may be down, but if you are in the repossession business you've got plenty of work. The bottom line, people can't make the payments.
Nationally, with high gas prices and the housing crunch many people are having trouble making payments on their cars or motorcycles. When someone fails to make a payment, say on their car, banks often use the services of repossession agencies.
Some of these agencies won't put their numbers in the phone book because it's a low profile business. A local repo man said in Kennewick for $175, he'll get that car. He goes to the house where the car is and tows it away.
Gesa Credit Union says repos on motor homes did increase.
"There was a moderate increase because you had some people out there that maybe couldn't quite afford the motor home and gas went up to 4.50 a gallon," said Bret Jorgenson, Vice President for Lending at Gesa Credit Union.
One credit union we talked to me repossessions on motorcylces have increased. Many people have less disposable income in their wallets compared to years past.
Gesa Credit Union says loans for fuel efficient cars have increased. Fortunately, interests rates on car loans have remained stable.