The recession that began in 2008 has led to higher unemployment, more home foreclosures and, as Russ Mitchell reports, a spike in defaulting on loans, even among the wealthy.
I saw a video of a high end repo man that told his workers if they laugh at the people getting repossessed on they are fired...that's what you call sympathy
I went through two interviews and all the red tape, got offered a repo job, then _really thought about it_ . Being a repo man can't be good for the soul.
It's funny how these guys think it's their boat, or their car, or whatever. Unless you paid for that car or boat IN FULL up front, then you are not the owner of said item. The bank is the owner, and you are allowed to use it as you pay it off.
Technically, you do own it, but the bank has a lien on it so if you keep missing payments, they are allowed to use that collateral to make their money back.
I like the guy with the boat. It was his livelyhood. Not if he could noty afford it. Almost all of the contractors where I live drive 70K pick ups just to go to home depot and get pricing. Then they send their workers out in the beat up 5 ton to pick up the stuff. I drive a 10 year old truck that runs good, looks good and is paid for in full. Vehicles depreciate in value and is a money loosing proposition. ( unless you could go back to the 60:s and buy some muscle cars)
@@tdrewman Andrew: You've got talent. I love the poetic meter and delivery. Oh, that was Pitbull. No wonder he is where he is. Fortunately, good news. There is one entity of the latter you do not need to rent nor buy -- no maintenance. Wham, bam, thank you ...?
@USARealMan - I disagree. The people who loan you the money to afford such property don't do it because they want to be your friend. They do it to make money, end of story. Via contractual agreement they can technically repo your property upon missing the first payment but out of courtesy they give you longer usually. Every day you have not paid off the loan they gave you they are losing money. I think 2 months is adequate time to figure out what you're doing, one way or another.
Anyone who thinks its just the poor and middle class losing their shit are obviously not smart, classy, or just witty enough to have friends making above average salaries. Come down to Ft Lauderdale (more millionaires per sq mile than anywhere in the US) and you'll see homes going for 1/4 what they were bought for. Millionaires may have more in savings than you, but they also lose more per month than you in interest rates and credit payments. This shit hurts EVERYONE.
they came and took my car yesterday, was our only vehicle, it was paid and up to date but we have a bank that likes to pull illegal practices including pulling money out of my checking account for someone else's loan and then apologizing for it but not refunding it. So now my car is in a tow yard & we have no way to get to work or take my son to school or go anywhere, it can literally ruin your life and make you feel as if it's all over.
@faegrrrl people are people, a lot of poor people have the attitude, "I have nothing to lose", so they dig themselves into deep holes of debt too. many rich people can't manage money either, they just find good jobs, or find a job/career that they are really good at, but they still burn through all the money they make. (Michael Jackson?) "The Millionaire Next Door" is a good read on the topic of wealth.
And what do you do when the repo trash comes to your door looking for someone else, and then curses and threatens you when you tell them (truthfully) that you don't know the person? Had it happen twice with two different pieces of repo trash and one piece of bounty hunter garbage.
All I gotta say is if your rich enought to think you can own a 12 million dollar jet then why the hell is it you gotta make payments on it? If you can't buy it with your own money you can't afford it. It's not a house or a car you need to get to and from work it's a damn luxury, a toy.
Because if your interest rate on the loan is 3% and you have an investment that makes 7% you're going to come out on top. And if anything goes wrong you sell the investment and pay it off.
3:05 sure feel bad. some people say 'its their fault' they got into this and shouldnt have bought it. but realistically people cant account for the the future may hold. people just fall on bad times. they're just handling it poorly
If anyone cares to learn the law about repossession that would help you understand how illegal it is to actually do this...the credibility of the lenders are being sued out of business ..by putting the third party crosses civil, criminal and financial laws. The corruption is ridiculous 🙄
Your comment is the exact reason I don't use credit. I pay cash for everything. If I don't have the money, I don't buy it. I just couldn't enjoy something if I didn't own it.
The guy should have parked in the water if he was on the boat why buy a boat if you're going to keep it docked They probably want be able to take it if its on the water
At least when you're poor like me, there's nothing to repo. Aside from that, we pay our bills on time, every time like everyone's supposed to. I think it's the mindset of the rich; "oh, I can do whatever I want because I'm rich". I don't know...
People forget if they breach the peace they must legally leave. The guy with the boat was duped with the talk he should have held is ground. They have no rights when it comes to violating yours tell them to leave. If they don’t you have a right to defend yourself. Don’t let them and the cops fool you with talk and intimidation. Every state has a breach of peace law but of course people will lie and say it’s not true.
Breach of the peace. Good way to get yourself and the creditor sued. Not sure how you got away with that. Also if he was using that boat as his residence, that's another lawsuit. Florida laws must be very different than almost every other state for repos. I know their towing laws and practices are corrupt. Good place to start a business towing!
They were careless and arrogant. No told him to buy a brand new jet worth 12 million. He could have purchased a second hand one for 1/4 the price or alternatively he could have done fractional ownership, or even better, lease one! And write it off as tax.
It's called property taxes and leins people. They can pay for these things, it's other, more expensive things they owe on which cause these thing to be repossessed.
Problem is when the repo company is not doing their job right, and they send a thug to someones home to take their car, when they HAD THE WRONG HOUSE and the repo guy thought I was lying. I had to call the police on him because he actually didn't believe me and came back again. So, if you're going to track people down, please find the right debtors! I actually went online and FOUND the right guy they were looking for on Facebook, I called the repo company and gave them the correct info!
Funny, I'm sure some tent-dwelling Ugandan would have about as much sympathy for an American making $30k getting his one and only car reposessed for non-payment.
Rich people lease ... so big deal for them and usually they have more money than the bank and enough connections to get the repo man of his back, add some mean armed bodyguards.
My sister in Florida is 77 years old living on less than 1000 dollars a month she is 70,000 in dept for medical bills every day collectors are knocking on her door Sad and wrong
There are so many factors that goes into a situation. To comment without knowledge of such, just make ppl ignorant. There are plenty of reason why this may not have been paid off. Off the top of my head. For tax PURPOSES:DEPRECIATION IF IT IS USED FOR BUSINESS.
"If you own a plane like this Learjet, you don't want to see this guy walking down your runway". No, if you owe money, I'd say your runway is the only place you'd be okay seeing this guy... Btw, I bet the "International Recovery & Remarketing Group" with a globe in its logo is neither very international nor really a group. I bet we saw 100 % of their personnel in this video clip.
These people were hardly "rich". Truly wealthy people don't finance toys. These people are just financing a false image, which actually causes that image to drift farther from their worsening reality.
@Purrrsuasive1 Good for you! Though bad news he had the wrong house to begin with. This is roughly equivalent to cops showing up at 69 Vine Street to arrest a perp at gunpoint only to discover the guy they want lives at 96. Ooops....
It actually happened during Woodrow Wilson's presidency. He got on TV and announced to the world that he sold the USA out with the illegal ratification of the Federal Reserve Act which made Income Taxes and Fractional Reserve Banking legal.
Most of the rich people I know have less disposable income that I do due to there 5000 sq ft homes and new suvs. There is not much to be jealous about.
so. a guy takes out a loan for a $12million jet. cant pay it off. repo guys like this come in and literally snatch it, sell it off to a bank and make profit?
the funny thing is to me is that they repo rich people stuff because i promise you if they tried to take poor people cars and shit they would been shot to death a long time ago.
Why the hell would you feel bad for having to repo peoples luxury items. These are not necessities. These are high in luxuries that people can no longer afford. Its not like your the sheriff that has to evict people from a home they have been paying the mortgage on for 20 years and can no longer afford it. These private planes, and boats. I personally do not understand why anyone with the money to even consider purchasing a private jet would take out a loan on it. If you are going to have such a luxury. you should be making a loan payment on it anyway. It should be purchased outright.
People get loans because instead of spending all of their cash on buying a jet, a boat, etc, even though they can do it is not the smart choice. It is better financially to finance and then invest your money elsewhere so that it can continue making you money.
RicoDuroska That may be true when times are good, but when things turn south, then their ‘borrowed’ lifestyle comes back to bite them. I live by the saying ‘When the tide goes out, you soon see who has been swimming with no pants on.’ I may not live in a flashy suburb or drive a new car, but I can sleep at night knowing that my modest lifestyle is genuine.
I saw a video of a high end repo man that told his workers if they laugh at the people getting repossessed on they are fired...that's what you call sympathy
I went through two interviews and all the red tape, got offered a repo job, then _really thought about it_ . Being a repo man can't be good for the soul.
Nope, but its exciting.
If they're having trouble paying, they're not very rich.
It's funny how these guys think it's their boat, or their car, or whatever. Unless you paid for that car or boat IN FULL up front, then you are not the owner of said item. The bank is the owner, and you are allowed to use it as you pay it off.
Technically, you do own it, but the bank has a lien on it so if you keep missing payments, they are allowed to use that collateral to make their money back.
Same thing in the end.
SpriteV1 Wow you just proved that the bank is the actual owner lol what was the point of your comment?
"We live off commisions for the sales". Well when you're rocking 300k - 12 million dollar items...I bet that's pretty easy.
Love this show,
If I was being interviewed on national tv, I would at least take my shades off.
Not if the sun is in your eyes
I like the guy with the boat. It was his livelyhood. Not if he could noty afford it. Almost all of the contractors where I live drive 70K pick ups just to go to home depot and get pricing. Then they send their workers out in the beat up 5 ton to pick up the stuff.
I drive a 10 year old truck that runs good, looks good and is paid for in full. Vehicles depreciate in value and is a money loosing proposition. ( unless you could go back to the 60:s and buy some muscle cars)
$30,000 for a PT-17? Sure if there's no engine and the last time it flew was over 20 years ago. Try a $100,000+
Remember that these are liquidation valuations during the great recession. The valuation was pretty accurate for that time and situation.
Wow, to leave someone homeless...is just heartless. I couldn't do it!
Wealthy people don’t lease or rent they buy
The Rapper Pitbull said on Howard Stern, if it floats, flies or fucks.. You rent it. The maintenance cost are too high..
@@tdrewman Andrew: You've got talent. I love the poetic meter and delivery. Oh, that was Pitbull. No wonder he is where he is. Fortunately, good news. There is one entity of the latter you do not need to rent nor buy -- no maintenance. Wham, bam, thank you ...?
One time pro wrestler lmfaoo
I was the second best wrestler in my home town, always finished second place.
@USARealMan - I disagree. The people who loan you the money to afford such property don't do it because they want to be your friend. They do it to make money, end of story. Via contractual agreement they can technically repo your property upon missing the first payment but out of courtesy they give you longer usually. Every day you have not paid off the loan they gave you they are losing money. I think 2 months is adequate time to figure out what you're doing, one way or another.
Sern
They are also hoping for defaults.
Seeing how they live I honestly cannot feel sorry for the avarice and glutonous spending.Seems to me God is repoing the gifts given to these people.
Anyone who thinks its just the poor and middle class losing their shit are obviously not smart, classy, or just witty enough to have friends making above average salaries.
Come down to Ft Lauderdale (more millionaires per sq mile than anywhere in the US) and you'll see homes going for 1/4 what they were bought for. Millionaires may have more in savings than you, but they also lose more per month than you in interest rates and credit payments. This shit hurts EVERYONE.
“Do you ever feel bad when you have to go to somebodies hangar?” LOL.
they came and took my car yesterday, was our only vehicle, it was paid and up to date but we have a bank that likes to pull illegal practices including pulling money out of my checking account for someone else's loan and then apologizing for it but not refunding it. So now my car is in a tow yard & we have no way to get to work or take my son to school or go anywhere, it can literally ruin your life and make you feel as if it's all over.
Anglynn74
Report to FTC and your state AG.
Iam not from America , but u need to report them like the other comment said below .And/ Or simply change Banks !?
Get a lawyer.They should be willing to work contingency. Repoing a car a bank does not own should be a payday for you.
61gisele o
HAHA...Yeah right. "Oh, I promise, I just made the payment" Sorry you lost your vehicle but things just don't get repo'd for no reason.
so exactly at 2:50 the repo associate is waving off the guys to get the boat as he's talking and walking the 'owner' away, slickster there
It’s hard to keep up with the good life !!
Lesson "Live Within Your Means"
300K cant even buy a house in Singapore.
@mikehh9 So what DID you do to lose 2/3 of your salary?
#1 leading the way for all repo Company's-- highest Customer satisfaction rate among other competing repossession companies..
@faegrrrl people are people, a lot of poor people have the attitude, "I have nothing to lose", so they dig themselves into deep holes of debt too.
many rich people can't manage money either, they just find good jobs, or find a job/career that they are really good at, but they still burn through all the money they make. (Michael Jackson?)
"The Millionaire Next Door" is a good read on the topic of wealth.
If you have a loan on something you’re not rich
That's why my Government is poor.
And what do you do when the repo trash comes to your door looking for someone else, and then curses and threatens you when you tell them (truthfully) that you don't know the person? Had it happen twice with two different pieces of repo trash and one piece of bounty hunter garbage.
Horse Repo sounds like a good idea for a reality show
@Norticpunk agreed
All I gotta say is if your rich enought to think you can own a 12 million dollar jet then why the hell is it you gotta make payments on it? If you can't buy it with your own money you can't afford it. It's not a house or a car you need to get to and from work it's a damn luxury, a toy.
Yes it *IS* a vehicle they need to get to and from work. It's likely a business expense that pays for itself...until it doesn't.
Because if your interest rate on the loan is 3% and you have an investment that makes 7% you're going to come out on top. And if anything goes wrong you sell the investment and pay it off.
78 days late is lightning quick for a repo, that doesn’t sound right.
Franc camaj the bank doesn’t play when you’re talking that kind of money.
where can i watch the show airplane repo ? i dont find it on the interwebs
I think it's on The Discovery Channel.
3:05 sure feel bad. some people say 'its their fault' they got into this and shouldnt have bought it. but realistically people cant account for the the future may hold. people just fall on bad times. they're just handling it poorly
*Most of the time.
If anyone cares to learn the law about repossession that would help you understand how illegal it is to actually do this...the credibility of the lenders are being sued out of business ..by putting the third party crosses civil, criminal and financial laws. The corruption is ridiculous 🙄
Your comment is the exact reason I don't use credit. I pay cash for everything. If I don't have the money, I don't buy it. I just couldn't enjoy something if I didn't own it.
To Id Chappel: My house is a burden. Even the Sandy elevation, Build it Back of NY, *is costing me* to replace the things they took, and dug up, etc!
That's you , everybody is different.
Airplane repo is such a great show
The guy should have parked in the water if he was on the boat why buy a boat if you're going to keep it docked
They probably want be able to take it if its on the water
Wow...
At least when you're poor like me, there's nothing to repo. Aside from that, we pay our bills on time, every time like everyone's supposed to.
I think it's the mindset of the rich; "oh, I can do whatever I want because I'm rich". I don't know...
If your living off commission on these $300k-1.2 million items then you are NOT struggling so don't even pretend you are.
The simple reality is that people who are called wealthy are usually not actually that wealthy at all.
It’s coming again!!!! Lol can’t wait!
How does he make sure the debtor doesn't steal back the collateral with the key?
People forget if they breach the peace they must legally leave. The guy with the boat was duped with the talk he should have held is ground. They have no rights when it comes to violating yours tell them to leave. If they don’t you have a right to defend yourself. Don’t let them and the cops fool you with talk and intimidation. Every state has a breach of peace law but of course people will lie and say it’s not true.
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Is this real
Breach of the peace. Good way to get yourself and the creditor sued. Not sure how you got away with that. Also if he was using that boat as his residence, that's another lawsuit. Florida laws must be very different than almost every other state for repos. I know their towing laws and practices are corrupt. Good place to start a business towing!
Those are some polite Repro men. They sure don't look like the guys in my town.....
HAHA...a small Fleetwood class A ......."Luxury RV" ROFL.
They were careless and arrogant. No told him to buy a brand new jet worth 12 million. He could have purchased a second hand one for 1/4 the price or alternatively he could have done fractional ownership, or even better, lease one! And write it off as tax.
It's called property taxes and leins people. They can pay for these things, it's other, more expensive things they owe on which cause these thing to be repossessed.
Hear that rich are hitting hard rimes
that guy on the dock was pissed.
like a reverse Gilligan's Island. Stranded at the dock.
Not quite as exciting as it seems on Airplane Repo. P.S. what happened to Danny?
Problem is when the repo company is not doing their job right, and they send a thug to someones home to take their car, when they HAD THE WRONG HOUSE and the repo guy thought I was lying. I had to call the police on him because he actually didn't believe me and came back again. So, if you're going to track people down, please find the right debtors!
I actually went online and FOUND the right guy they were looking for on Facebook, I called the repo company and gave them the correct info!
Everyone has a job to do. Should have paid your bills on time.
Funny, I'm sure some tent-dwelling Ugandan would have about as much sympathy for an American making $30k getting his one and only car reposessed for non-payment.
Only Buy.... Bet... Or Promise.. For which you can Afford to win or Lose..
Rich people lease ... so big deal for them and usually they have more money than the bank and enough connections to get the repo man of his back, add some mean armed bodyguards.
How much did he get on commission on the airplane
Leasing is sometimes better.
We know times are tough for people...but we don't give af we want are money
My sister in Florida is 77 years old living on less than 1000 dollars a month she is 70,000 in dept for medical bills every day collectors are knocking on her door Sad and wrong
Archie: This is a different form of debt: unforeseen circumstances. Sad.
What if some super rich person guys upside down on an island?
There are so many factors that goes into a situation. To comment without knowledge of such, just make ppl ignorant. There are plenty of reason why this may not have been paid off. Off the top of my head. For tax PURPOSES:DEPRECIATION IF IT IS USED FOR BUSINESS.
No fucking way a jet like that is only $300,000.
More like $3,000,000 minimum
If one is actually wealthy you don't have debt. You don't take out a loan for something small like a light jet.
@Asiablue That's scary!! Could give someone a heart attack!
Because sometimes doing the right thing ain’t doing the right thing
Unless it is a home or a work car, if you need to finance it , you can't afford it.
Is there a show for this I wanna watch more🤓
There was a show on Discovery called Airplane Repo with Ken and some others, it was a little more dramatic though.
Why? this is a total waste.
they NEED to make that show again
How do I get this man's job?
"If you own a plane like this Learjet, you don't want to see this guy walking down your runway". No, if you owe money, I'd say your runway is the only place you'd be okay seeing this guy... Btw, I bet the "International Recovery & Remarketing Group" with a globe in its logo is neither very international nor really a group. I bet we saw 100 % of their personnel in this video clip.
These people were hardly "rich". Truly wealthy people don't finance toys. These people are just financing a false image, which actually causes that image to drift farther from their worsening reality.
@Purrrsuasive1 Good for you! Though bad news he had the wrong house to begin with. This is roughly equivalent to cops showing up at 69 Vine Street to arrest a perp at gunpoint only to discover the guy they want lives at 96. Ooops....
welcome to obumers great economy!
Why did the 1920s have to happen. That's when credit was invented.
It actually happened during Woodrow Wilson's presidency. He got on TV and announced to the world that he sold the USA out with the illegal ratification of the Federal Reserve Act which made Income Taxes and Fractional Reserve Banking legal.
Let me add. All I had was the same last name of the real person they were looking for.
wow...racehorses...just wow.
Wait, what? 2:00 he sells them too? Screw that. That’s the bank’s job.
I mean if he can sell them for a higher price why not right?:)
What ever happened to his TV show?
This guy was at my school
Most of the rich people I know have less disposable income that I do due to there 5000 sq ft homes and new suvs. There is not much to be jealous about.
Harmonlisa their
for real.. the problem is people always live above their income no matter what it is. so in reality people are in the same situation no matter what
My dad always says, you're not rich if you don't spend your money. Why would you be happy with a large disposable income if you can't spend it?
I'll bet your dad isn't rich.
missionmanify Let me rephrase: You are *not* rich if you spend *all* your money
its not that they dont got the money there just to busy spending their money they dont have time to pay bills lmao!!
Who in the hell leases a horse. I thought people buy horses ?
this guy is making huge amounts of money in commissions.
@mikehh9 Holy shit. Thats quite a loss.
That plane isn’t 12 million
not the same bodyguard as on tv
Been thinking about talking to Ken for getting into it with him
so. a guy takes out a loan for a $12million jet. cant pay it off. repo guys like this come in and literally snatch it, sell it off to a bank and make profit?
para, you aren't educated. The jet will have DEPRECIATED a HUGE amount. The bank will probably LOSE money. The repo guy gets a commission on the sale
The plane cost £12 billion 😂😂😂 not even the a380 cost 12 billon
He said million, it was just harder to hear
You surfs just don't know how painful it is to have your friends see your plane taken away. The talk at the dinners is just humiliating.
the funny thing is to me is that they repo rich people stuff because i promise you if they tried to take poor people cars and shit they would been shot to death a long time ago.
If people payed the bills , they wouldn't see that guy or is ex pro wrestler muscle
He wouldn’t be walking on a runway twit. But maybe the ramp
hahahaa, you made my day, I guess no one feels sorry for the rich right now.
Why the hell would you feel bad for having to repo peoples luxury items. These are not necessities. These are high in luxuries that people can no longer afford. Its not like your the sheriff that has to evict people from a home they have been paying the mortgage on for 20 years and can no longer afford it. These private planes, and boats. I personally do not understand why anyone with the money to even consider purchasing a private jet would take out a loan on it. If you are going to have such a luxury. you should be making a loan payment on it anyway. It should be purchased outright.
I, don't care how got damn rich I am. I would not buy a 12 million dollar jet. I would buy thousands of acres of land for 12 million, but not a plane.
...Or one acre, in the right location.
People get loans because instead of spending all of their cash on buying a jet, a boat, etc, even though they can do it is not the smart choice.
It is better financially to finance and then invest your money elsewhere so that it can continue making you money.
RicoDuroska That may be true when times are good, but when things turn south, then their ‘borrowed’ lifestyle comes back to bite them. I live by the saying ‘When the tide goes out, you soon see who has been swimming with no pants on.’ I may not live in a flashy suburb or drive a new car, but I can sleep at night knowing that my modest lifestyle is genuine.
and you will never be anything more than modest because you don't understand how to manage your money properly
Please stick it to the rich!
Seems like an easy ass job to be honest