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High-End Repo Man Takes Back Toys From the Over-Leveraged Rich

Gulfstream Repo

Ken Cage is racing through a private aviation terminal near Orlando when his BlackBerry buzzes with bad news. The plane he is about to repossess is scheduled to take off for Mexico in three minutes.

Even worse, the Cessna's owner and pilot is on his way back from lunch—and he is rumored to be six-feet, six-inches tall.

“I’d rather not stick around to find out,” Mr. Cage says.

Mr. Cage, 44, stands guard by the door as his partner Randy Craft walks onto the tarmac and approaches a shiny white turbo-prop. He quickly picks the lock on the door and ushers in the repo team’s pilot, Dave Larson. The plane’s propellers roar to life, and after clearance from the control tower, the $350,000 ride lifts off the runway and into the sky.

Mr. Cage and Mr. Craft climb back into their Ford pickup and tear out of the parking lot, just as the plane’s owner pulls in.

“He’s a minute late,” says Mr. Cage, peering out the window. “Lucky for us.”

Read the rest of this story High-End Repo Man Takes Back Toys From the Over-Leveraged Rich.

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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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