ARDMORE, Okla. -- Imagine going out to your driveway to head to work, but your car is nowhere to be found. It is a situation more and more people are finding themselves in, but it isn't grand theft auto, they've been ‘repo-ed’.
Times may be getting tough for a lot of people, but your friendly neighborhood ‘repo man’ is probably not one of them.
Jason Sowards has been repossessing cars for eight years. He says in the last three years, he has seen a steady increase in people defaulting on their auto loans. Industry insiders blame too easy credit and a faltering economy.
"Most of them take their income tax checks or what have you and they go buy themselves a shiny new car, and the excitement of it is yeah we got the car, now let's go get this, let's go get that, and before you know it they're three or four months behind and I’m showing up at their door," Sowards says.
So what can you do if you are running from the repo man or are worried that you might be soon enough? Bankers and repossession specialists alike all say the same thing over and over again-- communicate with your lender. Tell them you are having tough times, and above all, do not go into hiding-- the repo man will find you.