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Title: Repossession surge looming as some new car owners struggle to make payments
Source: [None]
URL Source: https://news3lv.com/news/local/repo ... economy-stimulus-banks-default
Published: Aug 4, 2022
Author: Mike Rivero
Post Date: 2022-08-04 19:30:03 by Horse
Keywords: None
Views: 27

A perfect economic storm of inflation, soaring gas prices and the unintended consequences of the federal pandemic relief programs is closing in on many car owners.

“We’re talking, on average, 15,000 repos a day nationwide,” said Mark Zane, owner of a repossession company and president of the Nevada Association of Licensed Repossessors.

Zane says repossessions were all but non-existent during the pandemic because banks were working with car owners to defer payments or help them get caught up.

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