Tuesday, January 6, 2009

2009: Year of the Repo Man

Halifax (Autorevu.blogspot.com): December 2008 sales for all car manufacturers have hit territories never seen since the dirty thirties. Indeed, most people are lucky to have a job (knock on wood), the auto dealers and manufacturers are going through some desperate times.

Here's a small snapshot of what I'm talking about:

Honda Down 41% from last year's numbers
Toyota Down 37%
Nissan Down 31%
Ford Down 32%
General Motors Down 32%
Chrysler Down 53%
Hyundai Down 48%
Volkswagon Down 14%
Subaru Down Down 7.7% but UP .3% for overall 2008 (wow)

Invariably, this means when you lose a job and are unable to continue making payments, the vehicle gets repossessed. The repo man, one of the most undesired jobs besides the parking meter attendant, is hated by everyone. He or she knows they are coming to get your vehicle and they will go at all hours to try and get it.

Hyundai recently announced a campaign called the Hyundai Assurance Event. If you buy or lease a Hyundai vehicle and lose your job in the first year of ownership, you can bring the car BACK to the dealership at no cost - and WALK AWAY. As much as I would like to consider a Hyundai... I personally wouldn't but it's a great opportunity for people who are willing to take a chance on them. But back to the REPO man. He'll come at all hours, day, night, when you're at work...eating in a restaurant, visiting your mom, girlfriend, boyfriend, whatever... they're like the shadows from hell.

Don't let the bank reposess your car or truck. Instead try and work out a payment plan if possible. When a vehicle comes to a repo yard it is sold at auction for a deeply discounted price. You are on the hook for the difference of the purchase price and the auction "scrap" price.

Life sucks.

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