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Repossessions are on the rise not only in Florida but across the United States. (Nick Popham/Spectrum Bay News 9)


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.