The figures, culled from the company's activity reports for both repossessions and orderly liquidations, show truck repossessions processed by Nassau declined in 2008 from a high point in 2007, but the 2008 totals represented a 50 percent increase from 2006 figures.
Repossession figures for trucks and tractor trailers declined by 25 percent in 2008 as compared to the previous year. The initial glut of trucks in the marketplace following the change in engines in 2006-2007 has now been absorbed. However the slow economy means there is still a high level of inventory which may yet increase due to difficult credit slowing down the entire food chain.
"The credit market remains sluggish, and lenders are receiving mixed signals," said Ed Castagna, president of Nassau Asset Management. "The Federal Reserve weekly reports show an increase in commercial and industrial loans, but those loans are being used by large companies to meet their financing needs or to have cash on hand for the future. They are not being used to generate new business activity in the leasing sector and elsewhere."