Patrick Altes

"Gone are the days of the ,repo goon,' or just about," Patrick Altes, of Falcon International, explained to Auto Remarketing.
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All of these organizations screen applicants, offer continuing education, some degree of certification and a bond," Altes pointed out.

"These remain the best resources," he added.
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As for Altes, he finds the Internet as one of the most valuable tools of his trade.
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Meanwhile, Altes had a completely different perspective on what the future may bring.

"I think it is going to start dropping off for agencies servicing accounts for larger A-paper creditors.These creditors are starting to throttle back on making loans and are demanding higher and higher credit scores," Altes forecasted.

"Subprime lending, however, will probably thrive since people need cars, and when they are getting turned down by a blue-chip lender, they are going to turn somewhere.These repossession accounts, however, have historically been harder to work due to the demographic of the buyer.A Realtor leaves a far wider ,paper trail' than a migrant worker," he explained.

"Our business has skyrocketed," says Patrick Altes, president of Falcon International in Daytona Beach, Fla. In recent times, his service saw a first wave of defaults that involved picking up boats and recreational vehicles.

Now, it's cars and trucks, often in affluent neighborhoods.

"A lot of the vehicles we're getting are high-dollar pickup trucks" whose owners got caught in the construction downturn, Altes says.

"Our business has skyrocketed," says Patrick Altes, president of Falcon International in Daytona Beach, Fla. In recent times, his service saw a first wave of defaults that involved picking up boats and recreational vehicles.

Now, it's cars and trucks, often in affluent neighborhoods.

"A lot of the vehicles we're getting are high-dollar pickups" whose owners got caught in the construction downturn, Altes says.

Meanwhile, Patrick Altes, of Falcon International, reported, "Repossessions are way up for just about everyone in the industry.
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The ,toys' are generally first," Altes told Auto Remarketing.

"With fuel prices being what they are, people that are upside down in an SUV or a pickup also are both unwilling to fuel them, unable to sell them (no market for them) and unable to pay for them," he continued."We have a lot full of Durangos, Escalades and Suburbans," he noted.

The demographic of who is falling into the trap of being unable or unwilling pay has also changed, Altes pointed out.

"We are repossessing a lot of vehicles from mortgage brokers, Realtors, land speculators, contractors and title agents," he reported.
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For instance, Altes explained, "Vehicles are not selling at auctions.

Patrick AltesFalcon InternationalPost Office Box 11289Daytona Beach, Florida 32120904/274-1000 Office904/274-5555 Fax800/874-7428 Toll Free

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