As oil prices continue to plummet, there’s one industry in rural Texas that’s booming: the repossession business. StateImpact Texas reportsthat repo men (and repo women) in Texas are thriving amid the bust.
One repo man, Ryan Peck, said that now the boom’s over, he’s repossessing a lot of trucks with oilfield equipment in the back. One oilfield worker in Alice, Texas, said he bought a truck during the oil boom, but he’s lost it now. Most of his buddies are in the same boat. The rigger lamented ignoring the advice of old-timers who had lived through booms and busts. But the repo man could face his own bust soon: If the downturn keeps up, car loans will be harder to get. Fewer people will buy cars, so fewer will default on their loans.
