Planet Money: “Riding with the Repo Man (Update)”

Date: February 4, 2026
Hosts: Kenny Malone & Preeti Varathan

Overview

This episode of Planet Money explores the intensifying world of car repossessions in America—using the classic “Rashomon” approach to tell the story from three distinct perspectives: the used car dealer, the buyer, and the repo man. The hosts revisit a 2019 segment and update listeners on the evolving realities of the auto loan market as repossessions surge to levels rivaling the Great Recession. Through first-hand accounts and expert insights, the episode lays bare the economic forces and human consequences behind a growing “subprime auto crisis.”

Key Discussion Points & Insights

1. Anatomy of an Auto Repossession

The episode kicks off with Kenny and Preeti riding along at 1AM with Larry Baker, a veteran repo man in Ohio, as he quietly repossesses a black Chevy Cruze from a suburban driveway.
Kenny shares: “My heart is genuinely pounding pretty hard, like there's a chance somebody is gonna wake up and come out here.” (02:00)
The immediacy and emotional tension underscore how disruptive repossession is for everyday Americans.

2. Three Perspectives on the Car Loan Crisis (Rashomon-Style Storytelling)

A. The Dealer: Rick Reichert

Rick Reichert, third-generation dealer near Columbus, describes the process and jargon of subprime lending:
- On welcoming all customers: “As you’re walking on the lot…by the way, we have guaranteed credit approval. If that’s something you think you may need.” (07:18)
- He calls this “the Columbo” method—an old-school, subtle way of acknowledging questionable credit without offense.
Rick admits the risks: “A lot of lenders have gotten very loose…extending money to individuals that probably shouldn’t have had those loans.” (08:26)
He notes his default rate is 6%, lower than average, but says zeroing out repos would mean turning away all riskier borrowers:
- “As long as we want to play in that field of lending, there's always going to be some form of repossessions.” (10:37)
Responsible subprime lending, he argues, focuses on helping people rebuild credit and keeping them as future customers.

B. The Driver: Stephanie Waldrop

Stephanie, a bubbly goth from Mississippi, experiences both the promise and peril of subprime auto loans:
- On her motivation: “I was like, I have the money, I have the means. I’m getting a car today.” (11:10)
- Upgrades from a rundown Ford Explorer to a red Ford Fusion—"Being colorblind, that's the one color I could see very well. So that's why I wanted that red car." (13:02)
She describes her unfavorable loan: 23% interest on a $12,000 car, monthly payments of $466, nearly double the car’s value over 48 months (13:13).
Stephanie ultimately falls behind after taking a lower-paying, less-hostile job for her mental health:
- “When it comes to your mental health and something that's material, the mental health outweighs material any day.” (15:20)
On seeing her car towed: “I'm like, tell my boyfriend. I was like, I have a situation. I was freaking out.” (16:12)
The repo drops her credit “like a bad habit.” (25:08)

C. The Repo Man: Larry Baker

Larry shares practical and emotional lessons from years in the trade:
- “Lesson two, do your repossessions in the middle of the night. Because if people are sleeping, there will be less conflict, but that doesn't mean zero conflict.” (17:41)
- On the risks: “That's why I carry a .45 automatic.” Only twice in 15 years did he pull it; guns have been pulled on him four times. (17:50–17:58)
- “Most people are good. And remember, you are meeting them at one of the worst moments in their lives.” (18:10)
Larry admits lending companies now use GPS trackers, making it far easier to repossess cars:
- “Nowadays, Larry says, part of the deal when you buy a car with a subprime loan is that the lender is going to stick a GPS tracking device onto your car.” (20:26)
- “GPS don’t lie.” (20:58)
The business gets easier for lenders, harder for the vulnerable borrower.

3. How the Crisis Got Worse: 2026 Update

Rising Repos: Repossessions have climbed steadily, even surpassing Great Recession levels: “...final tally for 2025…estimate it will end up as more than 3 million cars repoed last year. And that would be more than 2019.” (27:03)
Adapting Borrowers: People have become more desperate and creative in hiding their cars to stave off repossession, leading to dangerous confrontations: “My brother in law was shot in the leg trying to repossess a car before.” (26:50)
Dealership Economics: Cars have gotten more expensive, subprime borrowers are offered longer 84-month loans at greater ultimate cost, and repossession rates have doubled at dealers like Rick’s. (28:12)
- “In 2019, you could find a $10 to $15,000 car for a subprime loan. Now…you're looking $20, $25,000 vehicles.” (28:24)
Credit Deterioration: As of Fall 2025, 6.6% of subprime borrowers were at least two months behind on payments—a post-financial crisis record. (29:12)
Not Mortgage Crisis Scale, But Personal Disaster: “There is just way less auto debt…But an auto repossession is clearly a crisis when it is your car.” (23:24)

Notable Quotes & Memorable Moments

"Four years of college and I chose to do this." – Larry Baker (03:56)
"This is what happened when I laid this down in order to pick up another part in my life." – Stephanie Waldrop, on losing her car after prioritizing a healthier job (16:30)
"Lesson two, do your repossessions in the middle of the night." – Preeti Varathan (17:41)
"GPS don't lie." – Larry Baker, showing how tracking has changed the repo industry (20:58)
"I feel for some people... you know, taking somebody's property and... making them... stranded. You know, they could have... a couple kids, and you're really going through some hard times." – Larry Baker, on the emotional fallout of his job (22:46)
"It dropped like a bad habit." – Stephanie Waldrop, on her post-repo credit score (25:08)
"Honey, sometimes I don't even know." – Stephanie, on how she gets around after losing her car (25:50)

Important Segment Timestamps

[01:03–03:26]: Real-time car repossession; emotional landscape of the process
[05:21–10:47]: The dealer’s perspective on credit, subprime loans, and ethics of lending
[11:07–16:38]: Stephanie’s journey as a buyer—her loan, struggles, and repossession
[16:57–23:17]: Larry the repo man: his methods, risks, industry changes
[23:17–24:36]: Framing the current surge in repossessions as a potential crisis
[26:06–29:47]: Updates as of 2026: repo industry, dealership, and Stephanie’s fate

The Human Side, Finale, & Listener Impact

Stephanie’s story touched listeners after the 2019 episode: “The donations poured in. She was able to go back and buy her specific car back.” (29:21)
Larry has now retired from the business, while Rick’s dealership is run by a new family member.
Stephanie’s current whereabouts are unknown, but her story offers hope and caution for people navigating America’s increasingly precarious economy.

Tone & Style

The episode maintains Planet Money’s trademark blend of sharp reporting, human stories, and dry humor. Both hosts and guests deliver anecdotes and candid insights in a conversational, sometimes wry style—balancing empathy for those affected with a clear-eyed analysis of broader economic realities.

For further updates, the show encourages listeners to check out their upcoming book and reach out if they have similar stories.

Planet Money: “Riding with the Repo Man (Update)”

Date: February 4, 2026
Hosts: Kenny Malone & Preeti Varathan

Overview

Key Discussion Points & Insights

1. Anatomy of an Auto Repossession

The episode kicks off with Kenny and Preeti riding along at 1AM with Larry Baker, a veteran repo man in Ohio, as he quietly repossesses a black Chevy Cruze from a suburban driveway.
Kenny shares: “My heart is genuinely pounding pretty hard, like there's a chance somebody is gonna wake up and come out here.” (02:00)
The immediacy and emotional tension underscore how disruptive repossession is for everyday Americans.

2. Three Perspectives on the Car Loan Crisis (Rashomon-Style Storytelling)

A. The Dealer: Rick Reichert

Rick Reichert, third-generation dealer near Columbus, describes the process and jargon of subprime lending:
- On welcoming all customers: “As you’re walking on the lot…by the way, we have guaranteed credit approval. If that’s something you think you may need.” (07:18)
- He calls this “the Columbo” method—an old-school, subtle way of acknowledging questionable credit without offense.
Rick admits the risks: “A lot of lenders have gotten very loose…extending money to individuals that probably shouldn’t have had those loans.” (08:26)
He notes his default rate is 6%, lower than average, but says zeroing out repos would mean turning away all riskier borrowers:
- “As long as we want to play in that field of lending, there's always going to be some form of repossessions.” (10:37)
Responsible subprime lending, he argues, focuses on helping people rebuild credit and keeping them as future customers.

B. The Driver: Stephanie Waldrop

Stephanie, a bubbly goth from Mississippi, experiences both the promise and peril of subprime auto loans:
- On her motivation: “I was like, I have the money, I have the means. I’m getting a car today.” (11:10)
- Upgrades from a rundown Ford Explorer to a red Ford Fusion—"Being colorblind, that's the one color I could see very well. So that's why I wanted that red car." (13:02)
She describes her unfavorable loan: 23% interest on a $12,000 car, monthly payments of $466, nearly double the car’s value over 48 months (13:13).
Stephanie ultimately falls behind after taking a lower-paying, less-hostile job for her mental health:
- “When it comes to your mental health and something that's material, the mental health outweighs material any day.” (15:20)
On seeing her car towed: “I'm like, tell my boyfriend. I was like, I have a situation. I was freaking out.” (16:12)
The repo drops her credit “like a bad habit.” (25:08)

C. The Repo Man: Larry Baker

Larry shares practical and emotional lessons from years in the trade:
- “Lesson two, do your repossessions in the middle of the night. Because if people are sleeping, there will be less conflict, but that doesn't mean zero conflict.” (17:41)
- On the risks: “That's why I carry a .45 automatic.” Only twice in 15 years did he pull it; guns have been pulled on him four times. (17:50–17:58)
- “Most people are good. And remember, you are meeting them at one of the worst moments in their lives.” (18:10)
Larry admits lending companies now use GPS trackers, making it far easier to repossess cars:
- “Nowadays, Larry says, part of the deal when you buy a car with a subprime loan is that the lender is going to stick a GPS tracking device onto your car.” (20:26)
- “GPS don’t lie.” (20:58)
The business gets easier for lenders, harder for the vulnerable borrower.

3. How the Crisis Got Worse: 2026 Update

Rising Repos: Repossessions have climbed steadily, even surpassing Great Recession levels: “...final tally for 2025…estimate it will end up as more than 3 million cars repoed last year. And that would be more than 2019.” (27:03)
Adapting Borrowers: People have become more desperate and creative in hiding their cars to stave off repossession, leading to dangerous confrontations: “My brother in law was shot in the leg trying to repossess a car before.” (26:50)
Dealership Economics: Cars have gotten more expensive, subprime borrowers are offered longer 84-month loans at greater ultimate cost, and repossession rates have doubled at dealers like Rick’s. (28:12)
- “In 2019, you could find a $10 to $15,000 car for a subprime loan. Now…you're looking $20, $25,000 vehicles.” (28:24)
Credit Deterioration: As of Fall 2025, 6.6% of subprime borrowers were at least two months behind on payments—a post-financial crisis record. (29:12)
Not Mortgage Crisis Scale, But Personal Disaster: “There is just way less auto debt…But an auto repossession is clearly a crisis when it is your car.” (23:24)

Notable Quotes & Memorable Moments

"Four years of college and I chose to do this." – Larry Baker (03:56)
"This is what happened when I laid this down in order to pick up another part in my life." – Stephanie Waldrop, on losing her car after prioritizing a healthier job (16:30)
"Lesson two, do your repossessions in the middle of the night." – Preeti Varathan (17:41)
"GPS don't lie." – Larry Baker, showing how tracking has changed the repo industry (20:58)
"I feel for some people... you know, taking somebody's property and... making them... stranded. You know, they could have... a couple kids, and you're really going through some hard times." – Larry Baker, on the emotional fallout of his job (22:46)
"It dropped like a bad habit." – Stephanie Waldrop, on her post-repo credit score (25:08)
"Honey, sometimes I don't even know." – Stephanie, on how she gets around after losing her car (25:50)

Important Segment Timestamps

[01:03–03:26]: Real-time car repossession; emotional landscape of the process
[05:21–10:47]: The dealer’s perspective on credit, subprime loans, and ethics of lending
[11:07–16:38]: Stephanie’s journey as a buyer—her loan, struggles, and repossession
[16:57–23:17]: Larry the repo man: his methods, risks, industry changes
[23:17–24:36]: Framing the current surge in repossessions as a potential crisis
[26:06–29:47]: Updates as of 2026: repo industry, dealership, and Stephanie’s fate

The Human Side, Finale, & Listener Impact

Stephanie’s story touched listeners after the 2019 episode: “The donations poured in. She was able to go back and buy her specific car back.” (29:21)
Larry has now retired from the business, while Rick’s dealership is run by a new family member.
Stephanie’s current whereabouts are unknown, but her story offers hope and caution for people navigating America’s increasingly precarious economy.

Tone & Style

For further updates, the show encourages listeners to check out their upcoming book and reach out if they have similar stories.

wavePod

Riding with the repo man (update)

Summary

Planet Money: “Riding with the Repo Man (Update)”

Overview

Key Discussion Points & Insights

1. Anatomy of an Auto Repossession

2. Three Perspectives on the Car Loan Crisis (Rashomon-Style Storytelling)

A. The Dealer: Rick Reichert

B. The Driver: Stephanie Waldrop

C. The Repo Man: Larry Baker

3. How the Crisis Got Worse: 2026 Update

Notable Quotes & Memorable Moments

Important Segment Timestamps

The Human Side, Finale, & Listener Impact

Tone & Style

Transcript

Summary

Planet Money: “Riding with the Repo Man (Update)”

Overview

Key Discussion Points & Insights

1. Anatomy of an Auto Repossession

2. Three Perspectives on the Car Loan Crisis (Rashomon-Style Storytelling)

A. The Dealer: Rick Reichert

B. The Driver: Stephanie Waldrop

C. The Repo Man: Larry Baker

3. How the Crisis Got Worse: 2026 Update

Notable Quotes & Memorable Moments

Important Segment Timestamps

The Human Side, Finale, & Listener Impact

Tone & Style