PETERSBURG, VA (NBC12) - New figures show that an increasing number of people are falling behind when it comes to making payments on their vehicles. The trend is leading to a surge in business for one industry.
Jason Floridia is a vehicle recovery agent in Petersburg. He provides service in several states.
"Within the past six months my bussiness has tripled," he says.
His case load has gone from about five repos a day to 15. He says the reason why is simple.
"With the economy going as bad as its been, it was only a matter of time before my business started kicking up a whole lot more," says Floridia.
The boom in repo-work is being seen nationwide. A new survey released by the credit rating agency Experian show 60 day vehicle delinquencies are up 12.7 percent. When compared to the same time period last year, in dollars, that means $7 billion is at risk of not being paid. It may sound surprising but experts say lenders don't want to repossess your vehicle .
"It's going to cost them time, money and a customer," says Patrick Owens, a financial specialist.
If you find yourself falling behind on payments, pick up the phone and call your lender.
"They might be able to help with the loan. There maybe options you're not aware of that they can work out with you," says Owens.
If you're vehicle is getting ready to be repossed experts say it's better to voluntarily turn it in. Owen says, "It's a little more private for you and then it looks better for your credit as well."