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Repo lots overflow with reclaimed cars

So many vehicles are being snatched from owners who stop making payments that some repo operators and auto auctioneers say lots are overflowing, according to USA Today.

Car and truck repossessions this year are headed for the highest level in at least a decade, thanks to easy credit and a faltering economy, said Thomas Webb, chief economist for a unit of Atlanta-based Manheim, one of the largest wholesale auto auction services.

This year's predicted 10% rise in vehicle repos to 1.6 million would be a third higher than 10 years ago, he said. The increase comes atop a 10% rise in repos last year.

Posted by Peter C. T. Elsworth  at 10:24 AM to Sales | Permalink

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