Bad Credit Loans Leading to Record Number of Repos

14 February 2008

It is expected that there will be a 10% increase in car reposessions, this on top of a 10% increase in reposessions last year. At fault many see the super-easy to qualify for car loans that have been offered in past years.

Auction and repo lots have been growing in inventory signficantly, and lenders have started to crack down on loans to borrowers with very poor credit, no verifiable income or no downpayment.