Posted: April 13, 2010 12:10 AM
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By: Norma Yuriar
Fresno, Calif. (KMPH News) — Rain or shine, behind the wheel of his tow truck is where you'll find Sergio Gonzalez five days a week.
"No weather stops me," Gonzalez says.
He calls himself a Field Adjuster to most people; he's the "Repo Man". "I'm looking for a 2003 Mercedes, it's an S class. This account is way past due," Sergio said during a recent ride–along with KMPH News.
Sergio is not the only Repo Man on the road. The Department of Consumer Affairs says with so many car loans going bad—more companies are applying to be licensed car repossessors.
Jeffrey Mason, with the Department of Consumer Affairs, says nationwide about a 1.5 million cars are repossessed annually.
"Any time you get behind on your loan it's important to reach out to your creditor and discuss a conversation—what tends to happen if you avoid and run from the problem—that's when the creditor will take much more aggressive actions typically," Mason said.
Sergio works for a Fresno company called Banker's Choice Recovery Service. He says on a typical repossession, the driver is behind on payments about 60 to 90 days. A couple of years ago Sergio says the average was 30 to 45 days.
"The finance companies have become more lenient towards the borrowers so if they are late, they are not as strict as they use to be," Sergio said.
Lenient banks coupled with a lot more competition Sergio believes is the reason he's picking up fewer cars these days.
REPORTER CAN BE REACHED AT NYURIAR@KMPH.COM OR (559) 453–8850.
Fresno, Calif. (KMPH News) — Rain or shine, behind the wheel of his tow truck is where you'll find Sergio Gonzalez five days a week.
"No weather stops me," Gonzalez says.
He calls himself a Field Adjuster to most people; he's the "Repo Man". "I'm looking for a 2003 Mercedes, it's an S class. This account is way past due," Sergio said during a recent ride–along with KMPH News.
Sergio is not the only Repo Man on the road. The Department of Consumer Affairs says with so many car loans going bad—more companies are applying to be licensed car repossessors.
Jeffrey Mason, with the Department of Consumer Affairs, says nationwide about a 1.5 million cars are repossessed annually.
"Any time you get behind on your loan it's important to reach out to your creditor and discuss a conversation—what tends to happen if you avoid and run from the problem—that's when the creditor will take much more aggressive actions typically," Mason said.
Sergio works for a Fresno company called Banker's Choice Recovery Service. He says on a typical repossession, the driver is behind on payments about 60 to 90 days. A couple of years ago Sergio says the average was 30 to 45 days.
"The finance companies have become more lenient towards the borrowers so if they are late, they are not as strict as they use to be," Sergio said.
Lenient banks coupled with a lot more competition Sergio believes is the reason he's picking up fewer cars these days.
- In 2005 he averaged 4–5 repos a month.
- In 2008 that number jumped to 40–50 a month
- In 2010 he averages 30–40 a month.
REPORTER CAN BE REACHED AT NYURIAR@KMPH.COM OR (559) 453–8850.
