June 28, 2020
You think you’ve got it tough in this recession? Pity the poor repo man.
You’d think the business of repossessing vehicles would be booming but, according to this article in the Wall Street Journal, it’s stuck in neutral.
Repo man Eddie Whiteman has spent 29 years tracking down delinquent borrowers and repossessing vehicles in Erie, Pa., but he’s never seen anything like this before. With “borrowers staving off defaults with stimulus checks,” banks offering loan reprieves and Congress enacting legislation allowing for mortgage suspensions, Eddie’s phone has “stopped ringing.” He hasn’t repossessed a single vehicle since March.
To keep his business — and his eight employees — afloat, he’s turned to borrowing himself; the funds from his first $38,000 stimulus loan arrived in April.
Don’t ask what happens if he can’t pay it back.