My Thoughts on Future Repossessions

People think naturally that when an economy is bad the repoman makes the cash. This can be true but in some cases it is not. A good example of this was shortly after the heavy mortgage crisis which still plagues us in most areas. While people were hurting and losing their homes, the banks stopped lending at all and used car sales plummeted. I remember speaking with some repomen that I knew in the area and they said they were hurting badly, some even had 5 or 6 trucks just sitting around collecting dust. There were still many repossessions going on, but if you were working for major banks, chances are you were dead.

Despite the mortgage crisis continuing, in the past 4 years a tremendous amount of immigrants(Florida especially)have come to many states buying new cars as soon as credit allows, explaining the tremendous growth in new car sales.

In fact in my years doing repossession, I have never seen so many new cars on the roads. It could be good for some repomen and it could be bad for others. Reasons being is most of these purchases is being done at the dealerships directly.

Brands and Finance Companies

Dealerships such as Ford, Toyota, Hyundai, Kia, Honda and I almost forgot the new crop of BMW that is almost as common as Toyota Corolla at this point. Unless all these cars are being paid for with cash, there are an abundance of people buying these cars on impulsive decisions, without a second thought of where the income may be four years down the road on a 72 month loan.

These particular finance companies are working with their regular agents, so a good job would be with a company that has an account with one of the above finance companies. I think personally although I could be wrong that regular major banks are still not lending as they did several years back. I highly doubt this will ever happen again. Finance companies is where it will be at big time.

There will always be in house financing that is open game for those looking to break into the repossession business on their own.

Violence Increasing

As things will certainly get worse down the road, and it also seems that people are more on a short fuse these days. Along with the major cultural change here and continually coming, having lived several years in third world countries, violence was not an occasional argument leading to a fight, in fact in most countries I lived, life was cheap. Violence is abundant, compulsive violent tendencies, and in my opinion it will increase significantly over the next several years right here at home so we as repomen must figure out better routines and ways to protect ourselves, the scheduled influx of 60k drones will not protect in the least.