Tuesday, May 18, 2010
JPMorgan gets into the repo game
I had already lost my spare, so I needed to take the car into the dealer anyway, so I called a tow truck,and around 3:30 in the morning, big Bubba finally showed up to take me home. We talked in the cab as he towed me home, and I found out that his specialty was repos, and that business has never been better.
He told me about repo hazard pay, how people hide their cars, and how aggressive JP Morgan has been on repos. They now give him $600 a car, and even before the people are 60 days past due, JP Morgan proactively notifies him, so he can go and put trackers on their car. As soon as they are then past 60 days, that night, he goes and picks up the car. Some are blocked in, which he unblocks, some are parked a few blocks away from their home, but almost all of the cars go home to Chase.
The repo man, with the pre 60 day tracker, gets the cars early.
Especially if he works for Chase!
Posted by Palmoni at 8:40 AM