"Hard times a boon for repo men"

[Judi Lynn]

LOAN DEFAULTS
Hard times a boon for repo men
Times are tough, but there's one business that's booming -- repossessing boats and cars when their owners don't pay for them
Posted on Mon, Jul. 14, 2008

BY JAWEED KALEEM
[e-mail]



CARL JUSTE / MIAMI HERALD STAFF
A National Liquidators team repo a luxury boat
in North Palm Beach. The father and son team,
Trevor, top, and Travis Davies loosen ropes
that anchor the boat to the dock.

Charlie Clarke throws his boat into gear and speeds toward the waterfront mansion in North Palm Beach. His eyes fix upon the 63-foot yacht docked outside. He's piloting Little Tow -- an 18-footer that barely fits a crew of three.

Within minutes of hopping onto the wooden dock, he has untied the yacht from land and attached it to his own boat. Little Tow may seem like no match for the larger craft, but with a 150 horsepower engine, the job is a breeze as his tow captain pulls the yacht away with Clarke on board. ''Piece of cake,'' Clarke says.

While the recession means hard times for most people, it's a godsend for the repo man, the person who shows up -- often unexpectedly -- to snatch your property when you're behind on payments.

At Clarke's employer, Fort Lauderdale boat repossessor and auctioneer National Liquidators, business has tripled in the last 18 months as higher maintenance fees, fuel and docking costs -- as well as the real-estate crisis -- have put boat owners behind on payments.

More:
http://www.miamiherald.com/457/story/604924.html

[comtec]

1. Mixed feelings...

most repo men are total scum!
but at the same time, a yacht and the like it a ridiculous item!
If you look at all the money that is put into the man power required to repo something, and the measly amounts they get from the auctioning of the items, it would have been cheaper to figure out a lower payment schedule for the owner. accept the loss and charge him/her less.

[JoDog]

2. Collections agencies

Have a lot of work, too. Two of my housemates work for one, and they say their company simply cannot hire enough people right now.