From the Orlando Business Journal: “The down economy this year has created an uptick in business for repossession and recovery firms.That’s because a growing number of companies and individuals can’tpay their loans for big-ticket items such as airplanes, boats and cars,so repo firms are being hired to take those items back.”
What does this mean for consumers? It means that if you have a big ticket item and you cannot make the payments, talk to the lender BEFORE you have to face a repo. See if you can work something out with them, including potentially a sale of the item. If it does get repossessed, remember that the FDCPA and the Rosenthal Act limit what the collector can do to collect any unpaid balance.