Luxury Cars Starting To On The Repo Man's List More Frequently in 2008

Luxury Cars Starting To On The Repo Man's List More Frequently in 2008
For Patrick Altes, business is brisk. His company repossesses vehicles in north and central Florida for banks and credit unions.

Altes seizes vehicles of all sorts. But lately he has been repossessing pricey brands such as BMW, Lexus, Hummer and big Ford trucks.

"When times were good, home builders and construction and concrete people bought brand-new Ford F-350 crew cabs and diesels," Altes told Automotive News. "Then the housing market collapsed. Now we're getting a lot of luxury vehicles from real estate salespeople and mortgage brokers."

The battered U.S. auto industry is poised to set a negative record in 2008: Most vehicles repossessed in a year — about 1.9 million.

That's bad news for the owners of those cars and trucks and the lenders who are losing billions of dollars from financing them. And it's bad news for dealers who could have trouble getting customers financed if they sell a large percentage of vehicles that are later repossessed.
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golfer38golfer38 - 10/14/2008 11:19:51 AM
+7 Boost
Thanks for the continued updates on all the negative news.


Agent009Agent009 - 10/14/2008 11:33:05 AM
+5 Boost
Not a whole lot of positive coming out right now.


HSCenterconsoleHSCenterconsole - 10/14/2008 11:22:31 AM
+15 Boost
This is a good life lesson.

Always live BELOW your means and never ABOVE like so many people have been doing.


JaybrnJaybrn - 10/14/2008 1:34:37 PM
+2 Boost
definitely a critical lesson


crackityjonescrackityjones - 10/16/2008 2:07:17 PM
+1 Boost
If people lived below their means, this site wouldn't exist.


snatchandgrabsnatchandgrab - 10/14/2008 11:42:17 AM
+5 Boost
Lot of lost jobs out there. Not all were living above their needs.


Agent009Agent009 - 10/14/2008 1:18:29 PM
+4 Boost
But even before the meltdown many had cars that could not afford to maintain much less repair. Many people look only at the payment level and never consider the maintenance level required for any expensive car. They are expensive for a reason and repairs can be high.


1234xyz1234xyz - 10/14/2008 12:29:03 PM
+8 Boost
where the heck do you buy these repo'd cars! must be some great deals out there.


truckmantruckman - 10/15/2008 3:53:39 AM
+2 Boost
Last time I checked out a repo yard all the vehicles had been abused! A lot of the people about to loose there vehicle figure that they should trash the vehicle for some reason?


chris357chris357 - 10/14/2008 12:35:06 PM
+5 Boost
they go to car auctions and pay fair wholsale and then sell them for fair market value


chris357chris357 - 10/14/2008 12:35:51 PM
+5 Boost
excuse me and the dealers buy them at wholesale


Type707Type707 - 10/14/2008 1:06:43 PM
+4 Boost
Don't buy CRAP what your sorry butt can't afford. The REPO Man strikes again!


sectorsector - 10/14/2008 3:34:04 PM
-5 Boost
"been repossessing pricey brands such as BMW, Lexus, Hummer and big Ford trucks."

Lexus? don't think so... more like all the poser broke asses who leased a BMW.


QuantumMatrixQuantumMatrix - 10/14/2008 5:36:29 PM
+2 Boost
Lexus, is a watered down Toyota. Not considered a premium brand.


veyron1001veyron1001 - 10/14/2008 6:12:19 PM
+2 Boost
I dont see why people need to pretty much rent to own the latest and greatest vehicle. What is wrong with a model that is a few years older.


S4cabriofoxoneS4cabriofoxone - 10/14/2008 6:54:57 PM
+4 Boost
It doesn't park itself.


sstainbasstainba - 10/14/2008 3:54:06 PM
+2 Boost
I could be wrong, but I'm relatively sure "to on" is not an actual verb.


rockerrocker - 10/14/2008 4:52:44 PM
+1 Boost
I would like to see a modern day REPO MAN. Where is Harry Dean Stanton when you need him? And Emili Estevez for that matter.


QuantumMatrixQuantumMatrix - 10/14/2008 6:14:23 PM
+1 Boost
Good one TheSailor!! Thumbs Way UP!


TauronB2GTauronB2G - 10/14/2008 9:30:45 PM
0 Boost
Doesn't surprise me. The question is how do the carmakers feel about this. Vertain brands with propellors on the logo are more often leased than bought and withing the last year had to reduce the residuals on all those leased cars. So how will it impact those retailers?
T


TauronB2GTauronB2G - 10/14/2008 9:30:46 PM
0 Boost
Doesn't surprise me. The question is how do the carmakers feel about this. Vertain brands with propellors on the logo are more often leased than bought and withing the last year had to reduce the residuals on all those leased cars. So how will it impact those retailers?
T


bocabimmerbocabimmer - 10/14/2008 9:54:34 PM
-2 Boost
just go this email from a local BMW dealer....

great news to announce on a banking stimulus package through BMW Financial Services!

Bmw has injected massive capital for new loans and leases that;

Offer rates as low as 0.9% on all 2008 BMW models.
$0 down leases on all BMW models.
Flexible balloon programs on all BMW models.
Substantial capital to satisfy over mileage or inequity positions on any car.
Some day has just arrived for you.




JanizaryJanizary - 10/15/2008 12:28:55 PM
+1 Boost
I do a lot of trail riding outside of Vegas and have seen quite a few burned trucks over the last few months. Used to be I'd stumble across a trashed car or truck on a far trail now and then (and I'd call the VIN and location into LVMPD). Lately, I've come across quite a few more on my rides, and much nicer vehilces.
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