Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Repo-related violence on the rise, expected to get worse]]>http://www.autoblog.com/2009/03/02/auto-repo-related-violence-reportedly-on-the-rise/http://www.autoblog.com/2009/03/02/auto-repo-related-violence-reportedly-on-the-rise/http://www.autoblog.com/2009/03/02/auto-repo-related-violence-reportedly-on-the-rise/#commentsFiled under: , , ,

Repo men working in rural Alabama attempt to take a man's car at 2:30 am. The car's owner, 67-year-old Jimmy Tanks, hears noises and steps outside with his gun. Shots are fired and Jimmy ends up dead. The tables were turned on another repo man working in Alabama, who ended up dying of a gunshot wound. A third repo man, also in Alabama, was wounded by a gunshot while towing a vehicle away.

With repossessions predicted to exceed 1.7 million vehicles this year, and the industry itself loosely regulated, violence during lawful repossessions is also predicted to rise. Only California, Florida and Louisiana license and keep track of "recovery agents," which leaves the rest to operate in a vacuum as far as limits are concerned. Federal law states only that they can't "breach the peace," but it's left to judge and jury to determine when that has happened.

One Alabama sheriff wants the state legislature to limit the hours when repossessions can take place. "There's a time and place for everything," he said, "and 3 am is not it." The problem is getting the legislature to care enough about doing it - "they are just unfamiliar with that world." So that means more people are going to have to get hurt and even killed before something substantial happens.

[Source: Yahoo!]

Repo-related violence on the rise, expected to get worse originally appeared on Autoblog on Mon, 02 Mar 2009 18:59:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>etclegallifestylereporepo menRepoMenrepossessiontrendsviolenceMon, 02 Mar 2009 18:59:00 EST<![CDATA[PSA: More banks suing even after repossessing vehicles]]>http://www.autoblog.com/2008/12/29/psa-more-banks-suing-even-after-repossessing-vehicles/http://www.autoblog.com/2008/12/29/psa-more-banks-suing-even-after-repossessing-vehicles/http://www.autoblog.com/2008/12/29/psa-more-banks-suing-even-after-repossessing-vehicles/#commentsFiled under: , , ,



Just because your car has been repossessed doesn't mean you don't still owe the bank money on it. If that vehicle gets sold at auction for less than the bank is owed on it, the difference is called the "deficiency." And as MSNBC informs, banks are increasingly suing to get that deficiency amount back, plus applicable attorney's fees.

With the increasing cost of vehicles, smaller down payments, and longer loan terms, it is easier than ever to get upside-down on your car loan. Furthermore, banks don't send a repossessed car to auction and work to get the highest price for it. They farm it out to third parties who need to move cars, not hold out for the absolute best deal. Take depressed auction prices into account as well, and it's not hard to end up with a deficiency in the tens of thousands of dollars.

Banks who win deficiency judgments can sometimes garnish wages and force the sale of property, but again, that's only in certain cases. The best ways to ward off a deficiency lawsuit are to get the shortest car loan term you can afford, which will help avoid getting upside-down in the first place. If you still can't manage, try and sell the car yourself, since you'll likely get a much better price than the bank will at auction (and you'll avoid a repo on your credit history). Failing that, bankruptcy should clear the debt as an unsecured loan.

[Source: MSNBC]

PSA: More banks suing even after repossessing vehicles originally appeared on Autoblog on Mon, 29 Dec 2008 17:26:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>auctionauto auctionAutoAuctionbankscarsumer advocacyCarsumerAdvocacylawsuitlenderslifestyleloan termloan termsLoanTermLoanTermspsareporeposessrepossessionMon, 29 Dec 2008 17:26:00 EST<![CDATA[Lots overflowing with repo vehicles]]>http://www.autoblog.com/2008/02/14/lots-overflowing-with-repo-vehicles/http://www.autoblog.com/2008/02/14/lots-overflowing-with-repo-vehicles/http://www.autoblog.com/2008/02/14/lots-overflowing-with-repo-vehicles/#commentsFiled under: , ,

What's the second biggest purchase after a home? Most of the time, it's a car. And with so many people losing their homes, it's really no surprise that so many people are also losing their cars. Repossession companies are reporting record business -- so much so in fact that they are securing additional lots on which to store the delinquent goods.

It's estimated that this year will see a 10-percent rise in car repossessions, with 1.6 million vehicles expected to disappear from driveways and streets. It would be the second year of double-digit rises in repos. (And that doesn't count recreational vehicles like boats, which should suffer even higher rates of return.) And it appears no one has been spared -- repo men report taking back high-end trucks as well as luxury cars from gated communities.

The culprit, as in the housing debacle, has been claimed by some to be the generous auto loans given to those who perhaps should have got a bit less to spend. One repo man said it would have been worse if employment hadn't stayed relatively strong. That will be little comfort to banks like Wells Fargo that -- by itself -- wrote off $1 billion in bad loads last year.

[Source: USA Today]

Lots overflowing with repo vehicles originally appeared on Autoblog on Thu, 14 Feb 2008 16:49:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>auto repossessionAutoRepossessionbad loansBadLoansbankingcar repossessionCarRepossessionloansrepossessionusa todayUsaTodayvehicle repossessionVehicleRepossessionThu, 14 Feb 2008 16:49:00 EST