While we here in the US tend to think of the repossession industry through American eyes, it is easy to forget that repossessions are performed all over the world. And while the probability of gunfire is higher here than elsewhere, the men and women of the industry face dangers worldwide. Shared with you today is an article highlighting a glimpse of this world through Australian eyes.
Inside the repo world as sad hidden trend on Australia’s roads ‘continues to climb’
The cost of living and diminishing car values is said to be driving a rising number of car delinquencies and forced repossessions in the car market.
The number of Aussies losing their car due to being unable to make payments has been on the rise as people around the country feel the pressure of elevated interest rates and rising prices after months of high inflation.
For those unable to pay off their car loan, or simply doing the wrong thing by taking off with a rental car, they will eventually get a knock on the door by someone like Eleanor. She has worked in the debt collection and repo industry for almost a decade.
“I started doing admin work for my partner who owns a debt collection company, but a desk job isn’t my fit. So I wanted to get out there and get stuck into the field work,” she told Yahoo News Australia.
The race car enthusiast and social media influencer repossesses cars from people who have failed to pay their car loan as well as working with police to repossess stolen vehicles.
She was unable to say who she has done finance repossession for but did say she had retrieved cars on behalf of Uber Carshare in recent years, which actually announced in September it was shutting down its car loaning platform.
“The finance repos are people who have fallen behind on their loans, the hire car repos are when someone has failed to return the car or there’s been suspicious activity encountered,” she explained.
As you might expect, it doesn’t always go smoothly. Occasionally, Eleanor faces hostile situations, even sharing her experiences on social media.
“You see a lot of people say this job is scummy… I’ve heard it all before,” she said.
In one recent video that has racked up millions of views, she approaches a female driver parked outside a Zambrero restaurant who dangerously drives over parking barriers and onto a footpath to flee. In another she shared how a woman threw bottles at her partner and deliberately tried to cough on her when repossessing an unreturned rental car.
“The most hostile interactions are typically when people have stolen the hire cars and are using it for further illegal activities. So whenever we encounter criminals or thieves it tends to be hostile,” Eleanor told Yahoo.
“I’ve had one stolen vehicle ram the back of one of my old cars and that wrote it off. Someone threw a bicycle at one of my cars and smashed a back window. There’s been many hostile encounters.”
Car repossessions on the rise in Australia
According to major auction house Pickles, which ends up re-selling the cars, the number of repossessed vehicles has been on the rise in the last few years.
“The supply of repossessed vehicles continues to climb,” Fraser Ronald, the Chief Commercial Officer at Pickles, told Yahoo News, noting however, that it is still below a peak seen when the Covid pandemic hit.
“This trend has continued through the second and third quarters,” he continued, putting it down to two main factors: the general rise in the cost of living and diminishing values after a post Covid boom in the secondhand car market, which has made it harder for people to refinance on a loan.
“This trend appears to be influenced by broader economic factors, including cost-of-living pressures and changing market dynamics. Additionally, as vehicle values normalise, refinancing options for some owners have diminished, contributing to the upward trend in repossessions,” he said.
However for Aussies looking for a bargain, auctions of repossessed vehicles can offer a good opportunity to get a deal on a new ride. “Vehicle availability has risen significantly, and prices have trended downward for over 30 months,” Ronald added.
When can a creditor take back your car?
According to the government funded MoneySmart service, a lender cannot repossess your car or goods without a court order if you owe less than $10,000, or 25 per cent of the remaining loan, whichever is lower.
If you owe more than that, creditors can seek the repossession of your vehicle if you’re behind on repayments, and they have sent you a notice giving you 30 days to pay the overdue amount.
Source: Yahoo News
Editorial Note:
While this is such a softball story focused on a wonderful young lady who is clearly an Aussie internet B-rate celebrity, it does provide us a glimpse of just how different the process is in our nation.
They live in, for most, a gentler society who, for the most, gave up their firearms through strict gun laws and massacre guilt driven buybacks back in 1996. The repo game is very different there.
I am 100% sure she is not fully representative of the Australian repossession industry. I fully believe there are many men and women who are capable of keeping up with us Yanks. But I don’t know about you, but I would love for Eleanor to come to the US for a ride-along. It would be an eye opener.
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