Anyone know about this?

[DevilsFan]

Just saw this. Is it a fake?

[Suzuki Johnny]

Harley-Davidson Says Repo Worker Shortage to Blame for $52.6 Million Credit Loss in 2023
There’s too many people behind on their bike payments and not enough repo men to take them.
So, the motorcycle maker is taking matters into its own hands.

Car payments aren’t the only thing people are falling behind on. All those shiny, new Harley-Davidsons you’ve probably seen (and heard) running around since the pandemic? Like their car counterparts — and nearly just as expensive — many of them are likely not being paid for either. We’re focusing on Harley specifically because the American motorcycle manufacturer says it suffered credit losses in the first quarter because people aren’t paying on their loans, and there are just not enough repo men to repossess its bikes.

According to Bloomberg, earlier this week Harley announced it had a rough start to 2023 with a $52.6 million credit loss. For all you non-financial folks out there, this just means it was money the company couldn’t collect on. In this case these are likely Harley bike payments financed through the manufacturer. Now, if you’re not paying on a loan, the item, or in this case vehicle, is obviously repossessed. But if there are not enough repo individuals to physically collect that vehicle, then what do you do?

We’ve been following these rising car repossessions across the industry, which has created a “booming” repo industry. The problem is, though, a lot of people also left the repossession industry during the pandemic and never came back, Bloomberg reports. Business slowed to a crawl as pandemic safety nets, like stimulus checks, provided people with a the extra money to pay their bills on time. With everyone gone, as soon as the surplus money and stimulus payments ended, repo companies were left scrambling to hire people and have yet to recover.

Until repo companies hire more workers, vice president and treasurer of Harley-Davidson, David Viney, says it will be taking a more active role on bike payment delinquencies. Some of this will include reaching out to customers whose accounts are on the verge of being sent to collections and enhancing its repo strategy (although HD didn’t outline what that repo strategy would consist of.)

[sgtcall]

My uncle was a part time repo man for years and a few years ago he told me that guys like him were being phased out by the anti theft devises in cars. He started doing this as a side gig in the late 80s but never had a tow truck, he would basically steal the cars and drive them to the holding lot then get his repo fee. But with the new cars he can't do that anymore so it is left to the guys with a full operation including tow trucks and car carriers. I would assume the motorcycle repo men have the same issue.

[Herb]

Part of the solution would be for the loan company to keep a key for the vehicle. That way the repo people could walk up, unlock it, get in and drive away in 99% of the cars.

Many of the title loan companies require the owner to leave a set of keys with them... Then the only problem is tracking down the vehicle.

[sgtcall]

Part of the solution would be for the loan company to keep a key for the vehicle. That way the repo people could walk up, unlock it, get in and drive away in 99% of the cars.

Many of the title loan companies require the owner to leave a set of keys with them... Then the only problem is tracking down the vehicle.

Except that many cars are starting to come out without a key and you program your phone to start the car. Even some of the key fob cars have an option to just use your phone and you don't need the fob anymore.

[Herb]

Part of the solution would be for the loan company to keep a key for the vehicle. That way the repo people could walk up, unlock it, get in and drive away in 99% of the cars.

Many of the title loan companies require the owner to leave a set of keys with them... Then the only problem is tracking down the vehicle.

Except that many cars are starting to come out without a key and you program your phone to start the car. Even some of the key fob cars have an option to just use your phone and you don't need the fob anymore.

The fobs are the same as a key. If you have one you can enter and start the vehicle. Not that many cars can use a cell phone.

BTW that is not an issue with a bike, at least not yet.

[hillsy v2]

BTW that is not an issue with a bike, at least not yet.

My buddies GS1250A doesn't have a key - just a fob and a push button ignition. Don't know of any bikes that use a cell / mobile to operate though....

He can bluetooth his phone to the bike though - and he can update the OS, etc via that.

[RoadKing]

Let me say from the gate I am old school outlaw, at least in spirit. With that said, if I do not own it outright it is not in my stable. I have too much respect for the Harley brand to share ownership with a motherfucking loan outfit.
Loans and debt are what is killing our country. If you cannot afford the bike or afford the payments, show some respect and don’t buy it. Fuckers who work in cubicle office buildings and want to finance a bad ass image should keep their stinking asses away from a Harley saddle. Harley has no one but themselves for letting these soft pukes finance payments they cannot make.
It is a different world now, one I do not recognize, a world of fat old people who are weekend warriors, people who would rather take pictures of their restaurant food than their bikes. I’d give anything to go back and live in the old school motorcycle culture. If I can get a successful hip replacement soon I want to get back in the saddle and seek out others, they’ll likely be youngsters, who are old school.

[hillsy v2]

Let me say from the gate I am old school outlaw, at least in spirit. With that said, if I do not own it outright it is not in my stable. I have too much respect for the Harley brand to share ownership with a motherfucking loan outfit.
Loans and debt are what is killing our country. If you cannot afford the bike or afford the payments, show some respect and don’t buy it. Fuckers who work in cubicle office buildings and want to finance a bad ass image should keep their stinking asses away from a Harley saddle. Harley has no one but themselves for letting these soft pukes finance payments they cannot make.
It is a different world now, one I do not recognize, a world of fat old people who are weekend warriors, people who would rather take pictures of their restaurant food than their bikes. I’d give anything to go back and live in the old school motorcycle culture. If I can get a successful hip replacement soon I want to get back in the saddle and seek out others, they’ll likely be youngsters, who are old school.

I don't agree with your sentiment about not using finance to purchase a HD. That should have nothing to do with anything.

However, HD or any other manufacturer who offers their own in house finance is just asking for this sort of trouble.

[RoadKing]

Let me say from the gate I am old school outlaw, at least in spirit. With that said, if I do not own it outright it is not in my stable. I have too much respect for the Harley brand to share ownership with a motherfucking loan outfit.
Loans and debt are what is killing our country. If you cannot afford the bike or afford the payments, show some respect and don’t buy it. Fuckers who work in cubicle office buildings and want to finance a bad ass image should keep their stinking asses away from a Harley saddle. Harley has no one but themselves for letting these soft pukes finance payments they cannot make.
It is a different world now, one I do not recognize, a world of fat old people who are weekend warriors, people who would rather take pictures of their restaurant food than their bikes. I’d give anything to go back and live in the old school motorcycle culture. If I can get a successful hip replacement soon I want to get back in the saddle and seek out others, they’ll likely be youngsters, who are old school.

I don't agree with your sentiment about not using finance to purchase a HD. That should have nothing to do with anything.

However, HD or any other manufacturer who offers their own in house finance is just asking for this sort of trouble.

I don’t give a fuck whether you agree or not. I was raised to not live beyond your means. Cash on the barrelhead. I respect how I was raised more than if you agree with me. Paying high interest on a loan for a discretionary product you cannot otherwise afford is pure greed.
Work hard and save toward a dream and then pay cash outright. It has worked for me. You want a Harley, but you spend a lot of money in restaurants, or on other discretionary items so that you cannot afford a Harley? You don’t deserve a Harley.

[hillsy v2]

Let me say from the gate I am old school outlaw, at least in spirit. With that said, if I do not own it outright it is not in my stable. I have too much respect for the Harley brand to share ownership with a motherfucking loan outfit.
Loans and debt are what is killing our country. If you cannot afford the bike or afford the payments, show some respect and don’t buy it. Fuckers who work in cubicle office buildings and want to finance a bad ass image should keep their stinking asses away from a Harley saddle. Harley has no one but themselves for letting these soft pukes finance payments they cannot make.
It is a different world now, one I do not recognize, a world of fat old people who are weekend warriors, people who would rather take pictures of their restaurant food than their bikes. I’d give anything to go back and live in the old school motorcycle culture. If I can get a successful hip replacement soon I want to get back in the saddle and seek out others, they’ll likely be youngsters, who are old school.

I don't agree with your sentiment about not using finance to purchase a HD. That should have nothing to do with anything.

However, HD or any other manufacturer who offers their own in house finance is just asking for this sort of trouble.

I don’t give a fuck whether you agree or not. I was raised to not live beyond your means. Cash on the barrelhead. I respect how I was raised more than if you agree with me. Paying high interest on a loan for a discretionary product you cannot otherwise afford is pure greed.
Work hard and save toward a dream and then pay cash outright. It has worked for me. You want a Harley, but you spend a lot of money in restaurants, or on other discretionary items so that you cannot afford a Harley? You don’t deserve a Harley.

Let's hope you get your hip done soon so you can stop being a sour prick.

And for what it's worth I don't want a Harley. Never have.

And yes - ridden enough of them to have worked that out myself.

All of which has nothing to do with how you'd pay for it.

[RoadKing]

Old prick or not, hillsy, all I want is to be rid of this pain. Once that is done I can play with my pups again and, the good Lord is willing, be a rider again.
I don’t give a fuck if you own a Harley or not. You want a good analogy? Lynyrd Skynyrd said it best, Southern Man Don’t Need Neil Young Comin Round Anyhow.
Don’t get all stupid on me. It’s an analogy. I don’t wish to ever associate in real life with a leftist troll no matter what he rides.
You like your endless back and forth stupid boring bickering with Designer? Have at it, but I ain’t playing.

[hillsy v2]

Old prick or not, hillsy, all I want is to be rid of this pain. Once that is done I can play with my pups again and, the good Lord is willing, be a rider again.
I don’t give a fuck if you own a Harley or not. You want a good analogy? Lynyrd Skynyrd said it best, Southern Man Don’t Need Neil Young Comin Round Anyhow.
Don’t get all stupid on me. It’s an analogy. I don’t wish to ever associate in real life with a leftist troll no matter what he rides.
You like your endless back and forth stupid boring bickering with Designer? Have at it, but I ain’t playing.

Leftist troll? That's hilarious.

Get your hip done and stop being so fucking triggered with this shit, OK?

[DevilsFan]

Listen, if it's happening to Harley...then it's happening to EVERY auto/motorcycle manufacturer!

I know Honda's pretty hush-hush on posting their numbers but I also know they have a Honda financing entity. I believe Suzuki the same.

I didn't post this to be negative towards Harley. On a business sense, yes, it is a risk...but again, all the other companies do it so why would Harley - or any other company for that matter - do it also?


100% in agreement with RK regarding DEBT putting the world in the financial shit show that's it's in now. But on the other side of the double edged sword, think of all the lost sales ANY company loses by not providing financing.

I'd like to see the numbers of the successfully-paid-off in comparison to the repo's. I'm positive the number crunchers did the math ahead of time to show the risk is/was worth it.


But now they're short of repo men...I wonder if they're hiring?!?!?! I could use a break from the classroom!

[hillsy v2]

100% in agreement with RK regarding DEBT putting the world in the financial shit show that's it's in now.

People borrowing money / going into debt is the basic operating model for every bank.

There's nothing wrong with being in debt if you can manage it - we'd never have bought a house if it wasn't for a bank mortgages and going into debt.

The problems start when people over-capitalize or add more purchases onto their existing debt.

[hillsy v2]

But now they're short of repo men...I wonder if they're hiring?!?!?! I could use a break from the classroom!

That would be a pretty colorful job at times

I wonder if they would be OK with skull-dragging a repo'd HD onto a flat-bed?