Word: repos
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...repayment schedule. If that doesn't work, repossession of car, house or other collateral often follows quickly. And when loans do go bad--in some parts of the industry, losses run 10% or higher even during good times--in-house or outside collection agencies and networks of "repo men" may be called in. Independent bill collectors alone employ an army of 65,000 people, who deploy everything from computerized phone banks for dialing deadbeats to liens and litigation...
...COMPANY CALLED CHILD Support Enforcement, is working the phone. He's got the mother of a perp on the line, and he's reeling her in. "We' ve been trying to reach your son since August without any response to letters or messages." James is a former repo man; he plays it polite but inexorable. "Do you know who he is working for?" Pause. "Does he understand that Texas has passed criminal-nonsupport statutes?" Pause. "Do you think he may be afraid to call? That if he calls he will go to jail? Tell him I will work with...
Some family. One Post columnist calls his new boss "Repo Man." Another newsman in that shop grouses, "We're sort of like a MASH unit. There's never been enough of anything. We don't know if ((Hoffenberg)) is for real. He talks * a good game. If it turns out to be bluster, we've all been duped...
...finish between two ego-driven businessmen, Mr. Bigger Guy, who enjoys the power and perks of publishing -- and to his credit harbors serious hopes of energizing his news coverage and style -- and Mr. Repo Man, who simply wants to play in the big time and tell America what it should be. Of the two papers, it is the Post, in the hands of an untried newcomer and shorn of several talented top journalists, that may not survive. That would leave New Yorkers with only one hometown tabloid to thrill them with headlines like GOTHAM BESIEGED BY KILLER COCKROACHES...
...repo men are working overtime. Paul Lamoureux, a Detroit repossessor, is now pulling in 120 cars a month, compared with 80 a year ago. General Motors Acceptance Corp., the biggest U.S. auto lender, repossessed 2.1% of its customers' cars in the nine months ending Sept. 30, which was 25% more than during all of 1987. One reason for the upsurge in bad loans is that auto lenders have gone after riskier customers, among them first-time car buyers and recent college graduates. Another problem is the longer term of today's auto loans: typically 48 or 60 months, instead...