Advertisement
 
YOU ARE HERE: LAT HomeCollectionsRepossessions
IN THE NEWS

Repossessions

FEATURED ARTICLES
AUTOS
February 21, 2013 | By Jerry Hirsch
Experian Automotive's latest data on car loan delinquency rates holds bad news for the "repo man. " The auto loan industry's repossession rate plunged almost 28% in the fourth quarter of last year compared to the same quarter a year earlier and stands at just 0.46%. However, the number of borrowers delinquent in their payments for 60 days increased slightly in the quarter to 0.74% from 0.76%.  It was the first rise for either 30- or 60-day loan delinquencies in the fourth quarter since 2009.
ARTICLES BY DATE
AUTOS
August 13, 2013 | By Jerry Hirsch
Automobile repossessions are at their lowest level since a major credit reporting firm started tracking the data seven years ago. Experian Automotive said vehicle repossessions dropped by 14.8% in the second quarter, to just 0.36% of all auto loans. That's down from 0.43% in the same period a year earlier. It also beats the all time low of 0.41% in the second quarter of 2006. Other metrics are moving in the same direction. For example, 30-day delinquencies decreased by 5.6% year over year to the lowest level for the second quarter since 2006.
Advertisement
CALIFORNIA | LOCAL
June 24, 1995 | ED BOND
Following the logic of simple demographics, a pair of real estate brokers this weekend will launch a novel approach to selling houses based on the presumption that the majority of potential home buyers in Los Angeles are Latino. Brothers Carlos and Alex Izbicki will offer houses for sale from a booth at the Panorama City Indoor Swap Meet.
BUSINESS
June 8, 2013 | By Ken Bensinger, Los Angeles Times
When the tires on their Dodge Caravan had worn so thin that the steel belts were showing through, Don and Florence Cherry couldn't afford to buy a new set. So they decided to rent instead. The Rich Square, N.C., couple last September agreed to pay Rent-N-Roll $54.60 a month for 18 months in exchange for four basic Hankook tires. Over the life of the deal, that works out to $982, almost triple what the radials would have cost at Wal-Mart. "I know you have to pay a lot more this way," said Florence Cherry, a 57-year-old nurse who drives the 15-year-old van when her husband, a Vietnam veteran, isn't using it to get to his job as a prison guard.
CALIFORNIA | LOCAL
December 10, 1999 | BOBBY CUZA
A Van Nuys man was arrested Thursday morning after assaulting a repossession agent who attempted to tow away his car, police said. The suspect's wife was arrested on suspicion of concealing him after the alleged attack. Larry Crawford, 40, apparently became enraged when he saw his Ford Expedition being towed away, said Los Angeles Police Officer Justin Bergmann.
NEWS
December 9, 1992 | DAVID G. SAVAGE, TIMES STAFF WRITER
In a potentially significant victory for tenants over their landlords, the Supreme Court ruled Tuesday that the Constitution forbids police from cooperating in an illegal seizure of a tenant's property. In a 9-0 ruling, the justices said that the Fourth Amendment not only shields citizens from an invasion of their privacy but also protects their property from being illegally repossessed.
BUSINESS
June 3, 2001 | MARLA DICKERSON, TIMES STAFF WRITER
Time was when Kenny Dunkel was welcome in any textile factory in Southern California. Dunkel is an equipment mover. And during the 1990s he delivered hundreds of gleaming new knitting machines to the region's bustling fabric mills. Eager textile entrepreneurs tipped his crews, bought them lunch and gave them plenty of repeat business. These days, Dunkel and his employees are more likely to be shown the door than the welcome mat. They're still busy hauling textile equipment.
AUTOS
May 20, 2013 | By Ronald D. White
Delinquent auto loans and vehicle repossessions rose in the U.S. by double-digit percentages in the first quarter of the year, Experian Automotive reported. The number of auto loans delinquent at least 60 days climbed 12.4% in the first quarter compared with the same period in 2012. Repossessions, meanwhile, surged 16.9% from a year earlier. Loans made by finance companies accounted for the increase in repossessions, Experian said. Repossession rates fell on loans from both banks and credit unions.
BUSINESS
November 11, 2010 | By Alejandro Lazo, Los Angeles Times
Lenders repossessed 9% fewer homes in October, an indication that the foreclosure freezes put in place by several major banks could be slowing the record pace of home seizures this year, if only temporarily. Whether the trend continues depends on how quickly the major banks correct their errors and resume foreclosing. Daren Blomquist, an analyst with real estate information site RealtyTrac of Irvine, which released the numbers, said the October data represented probably little more than a temporary slowdown.
BUSINESS
June 10, 2010 | By Alejandro Lazo, Los Angeles Times
Foreclosure activity in the U.S. continued to level off in May with the number of homes caught up in some stage of the process falling 3% from April, a real estate firm said. A total of 322,920 properties received some kind of foreclosure filing last month — either default notices, scheduled auctions or bank repossessions — a 3% drop from April and an increase of less than 1% from May 2009, according to RealtyTrac in Irvine. One in every 400 properties in the country received a filing last month.
AUTOS
May 20, 2013 | By Ronald D. White
Delinquent auto loans and vehicle repossessions rose in the U.S. by double-digit percentages in the first quarter of the year, Experian Automotive reported. The number of auto loans delinquent at least 60 days climbed 12.4% in the first quarter compared with the same period in 2012. Repossessions, meanwhile, surged 16.9% from a year earlier. Loans made by finance companies accounted for the increase in repossessions, Experian said. Repossession rates fell on loans from both banks and credit unions.
AUTOS
February 21, 2013 | By Jerry Hirsch
Experian Automotive's latest data on car loan delinquency rates holds bad news for the "repo man. " The auto loan industry's repossession rate plunged almost 28% in the fourth quarter of last year compared to the same quarter a year earlier and stands at just 0.46%. However, the number of borrowers delinquent in their payments for 60 days increased slightly in the quarter to 0.74% from 0.76%.  It was the first rise for either 30- or 60-day loan delinquencies in the fourth quarter since 2009.
BUSINESS
January 23, 2013 | By Alejandro Lazo and Andrew Khouri, Los Angeles Times
California's foreclosure crisis eased considerably during the final quarter of last year, with the number of homes entering foreclosure dropping to a six-year low. The steep decline, accompanied by a similar drop in home repossessions, clears the path for a quickened pace of recovery this year. Fewer foreclosures on the market should lead to higher home prices and a healthier real estate market. "Ultimately, fewer foreclosures means an even tighter market, which means a more rapid recovery," said Christopher Thornberg, a principal at Beacon Economics.
BUSINESS
August 26, 2012 | By Scott J. Wilson, Los Angeles Times
If you fall behind on the loan payments for your car, the lender may send a repossession company to get the vehicle back. Some things to know: •Don't expect a break. If your loan contract does not stipulate a grace period, the car can be repossessed without warning after you miss a payment. "What we are finding recently is that banks are much more aggressive about picking up the car on the first default," said Nancy Barron, a San Francisco consumer-rights attorney. •Even if you're current on your payments, a car can be repossessed for failing to meet other terms of your loan contract, such as not buying insurance for the vehicle.
BUSINESS
April 18, 2012 | By Marc Lifsher, Los Angeles Times
Legislation aimed at regulating controversial Buy Here Pay Here used-car dealers, which charge steep interest rates and are quick to repossess vehicles, was approved by the state Senate Banking and Financial Institutions Committee. The bill, by Sen. Ted Lieu (D-Torrance), classifies the dealerships, which finance most of their own sales, as state-regulated lenders. "This bill regulates an unregulated industry," Lieu said. The bill cleared the committee on a party-line vote Wednesday, with five Democrats voting aye and two Republicans nay. The proposal now heads to the Senate Appropriations Committee and then to the Senate floor.
BUSINESS
December 30, 2011 | By Ken Bensinger, Los Angeles Times
Car dealers have found a new way to profit from people with money trouble: leasing them hand-me-down vehicles. The deals are pitched to customers as the cheapest way to drive a used car off the lot, with the added benefit of an easy escape for those who can't keep up with the payments. Few customers are told about the advantages on the other side of the trade. Leases can allow dealerships to sidestep interest rate caps, and there are fewer financial disclosures rules than with a conventional car loan.
BUSINESS
April 20, 2011 | By Alejandro Lazo, Los Angeles Times
California's foreclosure crisis eased significantly during the first three months of the year, with lenders pushing the lowest number of homeowners into the formal repossession process since just before the start of the credit crunch. Banks filed 68,239 notices of default on California residents during the first quarter, San Diego research firm DataQuick Information Systems Inc. said Tuesday. Such notices mark the start of foreclosure, and borrowers receiving such notices during the first quarter were on average six months behind on their payments.
BUSINESS
May 20, 1997
Jim Schneider, 31, started working on cars in high school and after graduation he took a job repairing fleet vehicles for a telephone company. Soon, he was buying repossessed vehicles, repairing and refurbishing them and selling them to dealers. Last year, he started a company that obtains repossessed vehicles from financial institutions, then repairs and details them and sells them directly to the public.
BUSINESS
November 16, 2011 | By Alejandro Lazo and Jim Puzzanghera, Los Angeles Times
Investigators with the California attorney general's office have subpoenaed information from mortgage titans Fannie Mae and Freddie Mac as part of a wide-ranging inquiry into lending and foreclosure practices in the state. The subpoenas ask the government-controlled finance companies to answer a series of questions about their activities in California, including their roles as landlords who own thousands of foreclosed properties. The attorney general's office is also seeking details of Fannie and Freddie's mortgage-servicing and home-repossession practices, according to a person familiar with the matter.
BUSINESS
October 30, 2011 | Ken Bensinger, Los Angeles Times
Tiffany Lee wanted a car. She was weary of the two-hour bus ride to her job at a UCLA Health System clinic. She hated having to ask friends to drive her 7-year-old son to his asthma treatments. But as a single mother with three children, bad credit and a $27,000-a-year salary, she couldn't find a bank or dealership willing to give her a loan. Then a friend steered her to Repossess Auto Sales in Hawthorne. Another buyer might have balked at the deal she was offered. Lee figured she had no choice.
Los Angeles Times Articles
|