Hard times a boon for repo men in Florida

[babylonsister]

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


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.
CARL JUSTE / MIAMI HERALD STAFF


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.

The same is true for those repo (short for repossession) men -- and a few women -- who spend their days and nights hunting and snatching luxury cars and SUVs from distressed owners.

''Before the house, everything else goes,'' says Clarke, a former navy engineer who's never seen more boats in five years on the job. He has taken small motorboats, sailboats and multimillion-dollar yachts. For the 63-footer he takes on this day, its loan hasn't been paid for months, with $200,000 overdue.

more...

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

[Selatius]

1. Repo businesses are considered recession-proof as a result.

In a massive economic downturn, you can bet millions will be behind on payments on everything.