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Here's why car repossessions are up, according to an Arizona towing company
PHOENIX - Car repossessions are reportedly on the rise across the country and Arizona is not immune to the problem.
Gone in 30 seconds or less. In the repo business, they call it "hook and book."
Joey Poliszczuk runs both Hoist Towing & Recovery and Gorilla Towing & Recovery – Phoenix area companies.
He says much of the work they do are civil repossession by private party-lenders like dealerships or are caused by marriages that have fallen out.
Poliszczuk says they're seeing a significant increase in requests for him to track down a car in the Valley that was bought in from another state. A private investigator will be used to locate the vehicle if necessary, and it usually doesn’t take long to find.
He says you can't really hide the way you used to because of technology and social media.
How long does Poliszczuk expect this trend to keep rising? He says the unstable economy makes him think repossession numbers will continue soaring.