Saturday, September 24, 2022 8:49:40 PM
ECONOMY
Struggling economy leads to rise in repossessions
BY NICK POPHAM PINELLAS COUNTY
PUBLISHED 5:15 PM ET SEP. 01, 2022
Detroit
Back on August 11th, WXYZ television Detroit, interviewed Jenny Liagre, co-owner of Rockwood Recovery in Roseville and President of the Michigan Association of Repossession Agencies. Who, when asked if she was seeing an increase in repo assignment volume is quoted as saying;
“Absolutely. Absolutely. Everything seemed to change at the end of May around Memorial Day. We just did double what we normally would do for June and July,“
Jenny is also quoted as saying that Detroit has always had a high auto default rate, but now she’s seeing a rise in repossessions outside of Detroit.
Watch the TV Interview here!
https://www.wxyz.com/money/consumer/dont-waste-your-money/metro-detroit-repossession-companies-seeing-increase-in-business
Florida
Now, on September 1st, Spectrum News 9 out of Tampa had a similar conversation with Bill Ingram, owner of Florida Security and Recovery who stated that his is also seeing increases in repossession assignment activity.
Ingram is quoted as saying that on a busy day they used to repo about 10-12 cars. Now, that’s his average.
Watch the TV Interview here!
https://www.baynews9.com/fl/tampa/news/2022/09/01/struggling-economy-leads-to-rise-in-repossessions
This daily recovery consistent with other statements that I’ve seen from agency owners, with one bragging about his agent having recovered 240 units last month. Talking to repossession managers, their repossession inventory rose last month, as did their 60-day and up (reportable) delinquency.
Delinquency rising?
So, we’re all kind of in the dark as far as how delinquency in Q3, 2022 is going. In fact, those numbers probably won’t be available until sometime in November. As I’d mentioned in The mythical repossession explosion, and the real data back in early August;
Q1 and Q2 of 2022, 30 day delinquency showed an increase of .54%. This is the largest one quarter increase in 30-day delinquency since Q2 of 2006, which was a year and a half before the official start of The Great Recession when delinquency had climbed at an average rate of .18% per quarter leading up to it.
Is it happening?
Just today, I saw a post from one repossession agency owner on FaceBook claiming that they’d had a record shattering month and every response to it indicated a similar month.
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM