Economy Down, Business Up for Repo Man

PlusEconomy Down, Business Up for Repo ManEconomy Down, Business Up for Repo ManThe Associated PressIn a bad economy, fun is often the first casualty. Those dreaded repo men have been busy reclaiming yachts, boats and small planes from those who fell behind on their payments. (July 15)(Notes: Opens with NAT sound of water, video of captain) WHAT DOES JAMES HEDRICK DO FOR A LIVING? ASK HIS WIFE. SOT CAPT. JAMES HEDRICK: "My wife calls me captain repo." (Notes: Dateline: Ft. Lauderdale) HIS CREW IS SMALL...JUST TWO PEOPLE. HE SAILS THE WATERS OF SOUTH FLORIDA TO BOARD AND TAKE POSSESSION OF BOATS WHOSE OWNERS CAN'T MAKE THE PAYMENTS. SOT Capt. James Hedrick: "There are a number of people who inappropriately took advantage of marginal loans, in that they were marginally able to pay them back, and then a little bit of a hiccup, a little bit of a raise in cost of living and they could no longer afford." THE OWNERS HAD TO MAKE A CHOICE. BOATS ARE LUXURIES -- WHILE THEY HANG ON TO THEIR HOMES AND CARS, THE BOATS ARE BEING LET GO. SOT HEDRICK: "It's all different kinds of people from different walks of life. If they are pretty desperate financially, many boats will be stripped of engines...whatever they can sell for cash." THIS 63-FOOTER WAS IN MINT CONDITION. THE MORTGAGE? $11,500 A MONTH. THE OWNER WAS $35,000 IN THE HOLE.IN A TIGHT ECONOMY, BUSINESS AT THE NATION'S LARGEST BOAT REPOSSESSION COMPANY IS BOOMING. SOT HEDRICK: "In August of last year they repoed about 150-160 boats in one month and they thought 'this is amazing' because they were usually 100 or less. It started ramping up last summer and they thought, 'wow, where does it go now.' Well the last 3 months have averaged 250 boats a month." REPOSSESSED BOATS ARE AUCTIONED ONLINE FOR NEARLY HALF OF THEIR ORIGINAL COST. (will try to shoot site showing auction...)___ ___, The Associated Press.