Repossession Lots Filling Up With Vehicles

Reported by ABC-7’s Darren Hunt

In this uncertain economy, the business of repossessing vehicles has grown.

The growing overflow repossession lot at West Texas Credit Union off of Americas in Far East El Paso is an example.

Mike Huereque, the owner of City Wide Towing, is in the business of repossessing vehicles. He said it looked like there were more cars repossessed in the last month compared to an eight-month span last year.

Huereque said that the lots were full of cars and that he was looking for yet another lot to put another 105 cars. He noted people who normally don’t have trouble making ends meet are having trouble making a simple car payment.

In one case, Huereque said he recently had to seize the car of a woman close to her delivery date, meeting resistance from her.

He admitted he doesn’t feel good about taking someone’s car and said it’s a trickle effect because losing one’s car will eventually lead to losing one’s house. The banks and credit unions, who are struggling due to the economic turmoil, are much quicker to repossess vehicles.

Ironically, people who need a car at a good price can pick one up at one of these repo lots.