"It's one of those rare businesses: when the economy struggles, Henry McCarty's work thrives," reports KHOU (via CNN). Henry McCarty's "work" is repossessing cars from those who've fallen behind on the payments. Just how good is the repo business in the Houston, TX area these days? "We're running 24 hours a day, seven days a week, just to keep up," says McCarty, who runs Citywide Lien Enforcements. McCarty says "There's a lot of people out there that fall on tough times," and default on car and truck loans. "They're bankers, they're police officers, they're… you know, even doctors." KHOU reporter Kevin Peters says that nationwide, about 1.5m vehicles were repossessed last year, up 15 percent from 2006. He adds that "experts" predict another "10-percent jump" in the number of repos this year. As for repo man McCarty, he says most folks don't try to stop him when he shows up to tow a vehicle away, in fact, most people expect it. "People are just givin' up these bigger cars because of gas prices, you know, they're going to the more economicals." English skills aside, McCarty's knows the good times for his business come at the expense of those less fortunate: "We're not out there to try and be the bad guys." In other words, don't take it personally- it's just business.
I used to repossess furniture/appliances/electronics when I worked at a home furnishings store (it wasn’t a Rent-a-center). Most of the people that had their crap repossessed were people that somehow qualified for financing, yet they didn’t like making their payments. Very few had actually fallen on hard times. At one point, myself and the other guy I worked with had to repossess a complete kid’s bedroom set. It was kind of sad, but like it says above, it’s just business. We also had to reposses a couch from a “ghetto” area. That couch was disgusting, and you could tell they just thought of it as disposable free furniture. People need to learn that when you fail to pay for your stuff, it goes away. That being said, I’m glad my car was paid off last week!
Credit is a sacred trust. It’s what our free society is founded on. Do you think they give a damn about their bills in Russia?
To be a member of the board of a large company is a little example of paradise. You get good pay for just sitting in a meeting and listening to summary presentations. You get insurance and a pension. You can go to luxurious resorts and play golf. What the heck are security lines? You fly in private jets.
http://www.nytimes.com/2008/04/06/business/06ben.html?ref=business
Now we need to know how to get some of these “doctor’s repo’d benz’s and bimmers at 1/4 the price. Sign me up.
man to be a repo man in the Houston area…
For those that don’t live in the Houston area, let me describe it to you. Imagine a flat expanse of land a thousand square miles across filled with strip centers, malls, big box stores as far as the eye can see.
Like the Pilgrims gazing upon the bountiful forests of early America, Repo men must gaze upon the vast parking lots of Houston and see nothing but pure, untapped wealth ripe for the taking.
the only problems, of course, are the extremely well-armed natives…
@canfood: Same can be said for the Dallas area. Except it isn’t quite as humid.
Repo Man is a great flick.
Frustrated punk rocker Otto (Emilio Estevez) quits his supermarket job after slugging a co-worker, and is dumped by his girlfriend at a party. Wandering the streets in frustration, he is approached by Bud (Harry Dean Stanton), who needs a vehicle driven out of a “bad area.” After discovering his parents have donated his college fund to a televangelist, he joins the Helping Hand Acceptance Corporation and is apprenticed to Bud, veteran repo-man, with some bad habits. The plot thickens when the repo men are told about a Chevy Malibu with a $20,000 bounty on it. The soundtrack features punk rockers: Iggy Pop, Fear, Black Flag, Circle Jerks, and Suicidal Tendencies.
Strippo’s quote above is from the movie.
The first car I ever owned was a Chevy Malibu of that vintage (1965). With a basic small block and nothing in the way of accessories, it was fun to drive. I bought it for $450 in 1969 (it was probably $2,000 new) drove it for three years and had it towed away for $100 in 1972.
Steve_S; I’d be a bit wary about taking home one of these vehicles. I suspect the owners stopped paying for maintenance long before they defaulted on their loan.
Here in New Mexico, a problem we have here in town is that the indigenous population that resides on the rez often buys an item or vehicle (F-250s are popular) over time, maybe makes the first payment, and then hides out on the rez with the item. No more payments are made and no repos are possible. After all, the ___ Nation is a sovereign nation and only the FBI and the ___ Nation Police are permitted on the reservation. And then when merchants in town are reluctant to do business with said population, they are branded as racists. Your tax dollars at work.
Funny. When the ___ Nation needs help from the US they play the race card, usually to their advantage. When the US needs assistance from the ___ Nation, then they’re a sovereign nation and can’t be bothered.