TRENTON -- Since the reces sion began in late 2007, Alfred Erzak has spent most nights in his blue Ford F-350. He is not homeless; he's just really busy. With repossession requests from banks up 44 percent over the past year, repo men like Erzak are working around the clock.
"I get like 7 to 10 cars a day, (up) from like three cars a year ago," said the 27-year-old from Trenton. His company, Interstate Automotive, with offices in the city, now operates 24 hours a day to meet rising repo demand.
Banks hire repo men, known more politely as "repossession specialists," to tow vehicles from the homes of debtors who have fallen behind on their car payments.
"I'm always driving these days," a scruffy-faced Erzak said one morning recently as he rubbed his eyes to stay awake.
He barely has time to grab a meal, evidenced by the cashew crumbs and fresh coffee stains on his dashboard.
Each morning, Erzak checks an online database of people who are behind on their car payments that is sent to him by local banks.
According to a study by Experian Automotive, delinquent auto payments rose 9 percent in 2008. Banks can dispatch a repo man after only one month of delinquency.
After grabbing a Slurpee from a nearby 7-Eleven, Erzak punches the first address into his GPS unit, and heads out on his daily voyage, typically in central New Jersey or Pennsylvania.
"As long as the car is in plain sight and not in a garage or locked up, I'm going to tow it away," he said.
When he locates the intended vehicle, Erzak backs up his truck, straps the vehicle to his towing bed and drives away as fast as he can.
