In Bad Economy, Life Is Good For Repo Man

It's a tough economy, but business for the repo man is booming.

And it's not just that companies are repossessing more cars, but more luxury cars are being picked up.

"We're starting to pick up a lot of these expensive cars," said Dan Phillips, who owns Nationwide Recovery. "It's just a new ball game. It's kind of a sad situation."

Nationwide Recovery is hired by financial institutions to repossess cars. Phillips said he used to get a call when someone is two months behind on a car payment, but now the banks are giving customers five or six months before calling a repo man.

Phillips told KMBC's Maria Antonia about a recent repo case.

"The man had a real good job, middle-aged man. He lost a big job, and it was either his house or his car," Phillips said.

Phillips said that even hybrid cars can be found on the repo lot these days.

He said he's had to add staff to keep up with all the repo jobs.

"Our business is up 15 percent over last year," Phillips said. "We're just very busy. It's a sad thing in one perspective, a good thing in the other for us."

However, the cost of hauling vehicles away is also up.

Phillips said his tow trucks get only 8 miles per gallon, and it costs $100 to fill one up, which has to be done frequently.

Phillips said the repossessed vehicles are usually picked up at night.

Category:

News & Politics

Tags:

• KMBC
• Kansas
• City
• repo
• man
• economy