The costs associated with repossessing vehicles is rising sharply, even as consumers are much more inclined to pay their auto loans over their other debts, including their mortgages. That would seem to behoove loan servicers to explore more “borrower-friendly” tactics, including loan modifications, to keep customers in their vehicles and avoid repos except as a last resort.
Yet that doesn’t seem to be the case.
If anything, according to one Los Angeles attorney, servicers are getting even more aggressive about repos.
You’ll find our full report at The Center for Auto Finance Excellence.
