"Even when they're giving them up, they're still not glad to see you,"

Is anyone surprised that we're seeing this kind of uptick in credit disasters, especially for those folks who could barely afford to exist back when gas was 2 bucks a gallon? Anyone at all? People, when faced with eating or paying, rent, utilities, car payments - something some folks are increasingly viewing as a "luxury" item - usually choose eating and let the chips fall where they may on other things. Ya can't get blood out of a turnip... Rise In Delinquencies, Repos

Posted: May 14, 2008 10:51 PM

Featured Videos Rise In Delinquencies, Repos

Josh Jagers

CLARKSVILLE, Tenn. - Home foreclosures are up.

So are vehicle repossessions.

In the current sagging economy, towing companies are thriving. A few reportedly have backlogs of orders.

The manager of a company in Clarksville said he's never seen so many repo calls in 20 years of business.

"Even when they're giving them up, they're still not glad to see you," said Josh Jagers, manager of Auto Transports Towing Company. "They don't invite you in for drinks or anything."

One Nashville that once averaged 60 auto repossessions a month now reportedly has 60 every two to three days.

Auto Transports in Clarksville reports a 50 percent increase in repossessions over this time last year.

Jagers said the reason is fuel.

Towing companies are also affected by rising fuel costs because they burn time and money trying to find vehicles.

"We're going on a whole lot more dry runs, a whole lot more running around," Jagers said. "It seems like you would make more, but in the end, it just doesn't even out."

But every now and then, the drivers find the right vehicles.

"This is the one we're looking for," the worker said.

When asked if it was match, they said it was, comparing the vehicle identification number with the information they had about the car.

Gas prices are so high a few towing companies said some owners of trucks and sports utility vehicles are almost relieved to surrender their keys to them.

Representatives from some repo companies said booming business is typical this time of year.

But Jagers said recent numbers are a direct result of the economy.

When a vehicle is repossessed depends on the lender and vehicle owner's credit history. Some companies go after vehicles after one day of missed payment, while others have been known to wait as long as eight months.