Posted On:
November 21, 2008
Repossessions Surge as Economy Weakens
AOL Autos online reports that as the economy sinks, repossessions are increasing. Major auction houses like Manheim Auto Auction report increased sales of repossessed autos. A repo professional in Orange County said the firm just had its best month. He said his firm was "popping" luxury cars from owners who were upside down on their house and cars. The repo man added he sometimes wished business were not so good proving even repo men have a heart.
The AOL Autos article describes the repossesion process starting with the repossesson and eventual sale of the vehicle at auction houses. The repossessed vehicles generally sell for what other vehicles sell for at the auction house with the main variable being the condition of the vehicle.
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