California Repossession Law Blog

THe NY Times reports that repo companies are increasingly using a digital system to spot cars on lenders' repo lists. MVTRAC provides mobile digital cameras to repo companies that take pictures of license plates as the repo truck goes down the road. The data is matched to a list of licenses representing cars to be repossessed. When a match is found, the operator brings up additional info on the car to determine he has spotted a wanted car. The repo companies' incentives are to realize the $200 to $400 repo fee from the lenders. Police departments are using the same technology to spot stolen cars. http://www.nytimes.com/2010/02/28/automobiles/28REPO.html?pagewanted=2&ref=automobiles

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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.

Posted by Mark F. Anderson | Permalink | Email This Post

Posted In: Repo Business

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