Repossessing Cars: A Growing Concern in Australia
As car repossessions rise, many Australians struggle with payments amid economic pressures
Australia, Car Repossession, Eleanor, Debt Collection, Interest Rates
Melbourne: The number of Aussies losing their cars is climbing. With interest rates up and prices soaring, many are feeling the financial squeeze.
When folks can’t keep up with their car payments, they might get a visit from someone like Eleanor. She’s been in the repo game for nearly ten years.
She started in admin for her partner’s debt collection business but quickly realized she wanted to be out in the field. “Desk jobs aren’t for me,” she shared.
Eleanor, who loves race cars and has a social media following, repossesses cars from people who’ve fallen behind on payments. She also helps police recover stolen vehicles.
While she can’t name her clients, she mentioned working with Uber Carshare, which recently decided to shut down its car loan service.
“Finance repos are for those behind on loans, while hire car repos happen when someone doesn’t return a car or something shady is going on,” she explained.
But it’s not always a walk in the park. Sometimes, Eleanor faces some pretty intense situations, and she’s not shy about sharing her stories online.
“People often call this job scummy. I’ve heard it all,” she said, shrugging it off.
“The worst encounters usually involve stolen hire cars. When we deal with criminals, things can get dicey,” Eleanor noted. She’s had some wild experiences, like a stolen car ramming into her vehicle and someone throwing a bike at her car, smashing a window. According to Pickles, a major auction house, the number of repossessed cars has been increasing. They’re seeing more cars come in, but it’s still not as high as during the pandemic. Fraser Ronald from Pickles pointed out that rising living costs and changing car values are driving this trend. “It’s tough for people to refinance their loans,” he said. But for those looking for a deal, auctions of repossessed cars can be a goldmine. “Prices have been dropping for over 30 months,” Ronald added. As for when a creditor can take your car, MoneySmart says they need a court order if you owe less than $10,000 or 25% of your loan. If you owe more, they can repossess if you’re behind on payments and have been given a 30-day notice. Got a story tip? Shoot an email to newsroomau@yahoonews.com. Follow us on Facebook, Instagram, TikTok, Twitter, and YouTube for more updates.