Repossions Aren't Just for Vehicles

Typically when you think of repossessions, you think of cars, trucks and SUVs. However, vehicles aren't the only hot ticket being taken by the 'Repo Man' these days. There is a high-flying toy on the market that is also being snapped up by the 'Repo Man.' According to an article that appeared in USA Today recently, the recession has not only affected the average working American (or in a number of cases non working American), but  it has spread to the Nouveau Rich, those who gained their wealth in one generation.Yes, no one is immune from the recession these days.

Just like people are hiding their vehicles to avoid the 'Repo Man,' the Nouveau Rich are doing the same with their private jets as a result of the fallout in the financial and construction market over the past few years. For those who are in financial straits, its glad to know that they're not alone in this tough economy.

While high unemployment and an increase in auto loan delinquencies forced increased vehicle repossessions last year, the same is also occurring with private jets, too.

Much of the trouble with repossessions and delinquencies stems from loans that were made when credit standards were looser, says Melinda Zabritski, director of automotive credit at Experian Automotive. To check out the USA Today article, click here.