Number of car repossessions on the rise

Number of car repossessions on the rise


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Paul Nelson reportingEconomic problems are leading to a rise in car repossessions. Some Utah companies say they were already seeing a rise in 2007.

Repo men are getting busier. Some say they've never seen a jump in repossessions like the one that happened between 2006 and 2007.

Repo Depot Auto Sales owner Ralph Sivertson said, "In 2006 we had about 97 repossessions. In 2007, last year, we did 147 repossessions."

Sivertson works in car title loans. He says many of his customers took a loan out because they were behind on their mortgage, and he doesn't think they were trying to dump their car for money.

"These were people that had made several payments," he said.

Some national economists say 1.6 million cars could be repossessed, which is a 10 percent rise from last year.

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