DEOP's Blog

Analysts predict vehicle repossessions this year will rise as much as 15 percent to about 1.6-million cases nationwide. That's on top of a 10 percent increase last year — yet another sign of the growing economic stress on consumers.

And Florida is one of the states where the trend is most obvious. Although the state doesn't track the number of vehicle repossessions, the number of people applying for licenses to either become a recovery agent or to start a recovery business has risen dramatically. Florida now has 390 interns seeking to become "recovery agents," the most the state has ever had.

FULL ARTICLE @ http://www.tampabay.com/news/business/workinglife/artic

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The increase in car repossessions is putting some repo companies and car auctioneers in a bind about where to park them all….

Florida locksmith Amy Palmer, who makes new keys for repossessed vehicles, told USA Today that business is "phenomenal." She added, "If you're not paying for your house, who is paying for the car?"

Full Article @ http://blogs.moneycentral.msn.com/smartspending/archive

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"Look at what’s going on. Food prices are up. Job creation has slowed. People are losing their jobs. And gas is up. It’s all these factors combined," said Carol Kaplan, the bankers association’s spokeswoman.

Last year’s 1.51 million repossessions marked one of the biggest increases in a decade, 10 percent, and the growth is projected to continue this year, to 1.6 million, said economist Tom Webb of wholesale car auctioneer Manheim Consulting.

FULL ARTICLE @ http://www.columbiatribune.com/2008/Jun/20080613Busi015

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It is also an increasingly common story as more Americans, under growing economic pressure, are deciding to surrender their rides rather than the roofs over their heads

Lenders, meanwhile, are writing off billions of dollars in defaulted loans, and some analysts worry this could escalate to a foreclosure crisis on wheels.