Planet Money Riding with the repo man (update)
56 snips
Feb 4, 2026 
Stephanie Waldrop, a car buyer who got a subprime loan and faced repossession after job and income changes. The conversation revisits her story and the tense world of repossessions. Listeners hear nighttime repo rides, how dealers and lenders view subprime buyers, and why technology and loan terms have made repos more common.
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Midnight Repossession Ride
- Larry Baker describes a quiet overnight repossession where he hooks a Chevy Cruze and drives off while the owner sleeps.
- He emphasizes the emotional weight of taking someone's car and sometimes shows compassion, like leaving junk cars or giving money for a bus ride.
Dealership Towers Shape Lending
- Sales directors in dealerships act as 'towers' who decide which customers can get loans and under what terms.
- That underwriting step shapes who gets access to cars and how risky those loans become.
Subprime Isn't Always Predatory
- Subprime doesn't mean predatory by definition; it means lending to borrowers with poor credit at higher rates.
- Responsible subprime lending can rebuild credit, while loose lending increases defaults and repossessions.