Great insight.I have been in the Repo/Collection business over 25 years,
I CAN TELL YOU STRAIGHT UP, THERE IS REALLY NO CHANGE WHATSO EVER IN THE CURRENT WAY PEOPLE TAKE CARE OF OR DEAL WITH THEIR LIFE AND REPOS.
Repos have been happening for years, there is basically 4 reason: Divorce, Medical , Catastrophic Change and finally Stupid.
We have an observation and inside joke, anyone that has ever been in or around the business will agree, all repos smell the same and it is not pretty!
The current atmosphere has brought more publicity to our industry along with totally BS TV shows like Operation Repo brings people to percieve things are out of hand.
Let me clarify though, yes we are busy, but it is mostly, just a change in the guard, more people in better positions prior to the recession are now loosing things. This again brings it more to the forefront in publicity and people percieved knowledge of what the economy is doing.
The people that were hanging on by a thread are already gone, and now have dealt with it. As time goes on, the stronger are starting to fall. But once things pick up again, they will most likeley be the first to be back on top again.
Back to the repos: If you are behind, hiding them, dismantling them, wrecking them etc, it will do no good what so ever. In todays world, those of us in the business have the tools and knowledge to find people and things (Believe me it is not that hard!)
They are only hurting themselves, their credit and creditability from the people around them.
Bottom line, the abuse of a repo started long before they fell behind in payments, so if you are looking at a repo, be very carefull and look it over really well before you purchase it.
One last word of advice: remember, cars/trucks are way easier to detail, than boats,campers etc, Banks already have these costs arranged with the auctions so it costs them very little to detal them, where larger items are on a cost basis and due to no one really wanting to deal with them, it costs much more to detail them out, thus most banks opt to just run them through as they sit, that is why cars look better in the ads...