The Next Financial Crisis Might Be in Your Driveway

With late payments on the rise, a dealership upsell begins to look dangerous.

Lured by low interest rates, low gas prices, and a crop of seductive vehicles that are faster, smarter, and more efficient than ever before, American drivers are increasingly riding in style. Don’t be fooled by the curb appeal, though-those swanky machines are heavily leveraged.

The country’s auto debt hit a record in the fourth quarter of 2016, according to the Federal Reserve Bank of New York, when a rush of year-end car shopping pushed vehicle loans to a dubious peak of $1.16 trillion. The combination of new car smell and new credit woes stretches from Subarus in Maine to Teslas in San Francisco.

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What Ever Happened to “Repo Reality” TV?

op_rpo_fightEditorial

For several years, the repossession industry was up in arms about the proliferation of “Repo Reality” TV shows and the negative image of the industry they portrayed as a bunch of lawn wrestling jug heads who dropped their gloves for a fight on the drop of a dime. There was a perception and theory that these melodramas were contributory to what seemed like spikes in repossession related acts of violence including shootings and deaths. Seemingly unnoticed and with no fanfare, they all went away almost as quick as they proliferated.

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When Does and Independent Contractor Become an Employee?

Gind_cntrctruest Editorial

There is a strange phenomenon occurring in the asset recovery industry consisting of deep client involvement in the repossession process related to the control and intrusion in the actual act of the repossession.

For some reason the clients seem to be more involved with controlling the actions of the agent in the field for example the “NO CONTACT” with consumers or third parties dictates. What world do these people live in? Apparently, they have never worked an actual field assignment or they would understand that their absurd directive is an impossible demand.

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The 3 Numbers a Repossession Company Lives By

money_nmbrsGuest Editorial

 

225, 431, 77

What do these numbers mean?  Well to answer simply these are the three numbers that I base every decision my company makes on.  These three numbers tell me about my company’s health, who my good clients are and which are due for a pink slip.  My goal today is to share my company’s numbers, what they mean and how I use them to grow my business, and get others to continue the conversation.

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Changes to UCC Will Change Auto Lending Practices

auto_ap1Guest Editorial

The National Consumer Law Center (NCLC) is proposing major changes to article 9 of the Universal Commercial Code (UCC) which would materially affect consumer lending and how repossessions are done. If states adopt this latest proposed revision of the UCC, it would dramatically change repossession and lending practices and increase the potential for law suits.

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John Oliver Blasts Sub-Prime Auto Lending and Repossessions

j_ilvr_repo

August 16, 2016 – Earlier this month, English HBO comedian and commentator took aim at the subprime auto industry with some accurate, but perhaps unobjective insights into the financing practices of some “Buy Here Pay Here” used car dealers.

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Free Wi-Fi… A Bomb Waiting To Explode

wifi_bmbProtecting a Consumers Non Public Personal Information When Using “Free Public Wi-Fi”

Guest Editorial

In our computer tech business environment, it is not uncommon to see a field agent pull their recovery vehicle into a business parking lot and use the “FREE WI-FI” to perform actions on their laptop, notebook or smart phone. The use of the “FREE WI-FI” network is perceived to speed up the process and save money in communication costs.

But when field agents use this type of “FREE WI-FI” every agency owner should ask themselves, “Is this a safe and compliant action or does the use of “FREE WI-FI” networks place protected consumer data and agency information at risk?”

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Standardizing Rates or Unfair Price Fixing!

alrm_clkGUEST EDITORIAL

An email message to agents appeared in my inbox yesterday that causes great alarm to me and should be ringing your alarm bells too.

In an attempt to fall within an undefined state of “COMPLIANCE” a strong player within the recovery industry has taken it upon themselves to set “Work environment financial rules” that are clearly set out to do one thing and that is creating a network- nationwide price scheme for services rendered, your services not theirs and without regard to your loss or profit, they have set the price at $125 dollars.

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Are You the Flavor of the Month?

IC_FOTMGuest Editorial

Are you being contacted by clients you have not heard from in years, or even clients you have never heard of?  There seems to be a scurry of inquiries about our services all around the nation lately.  Could this mean clients are becoming disenchanted with the forwarding model that took over not so long ago?  Have lenders finally figured out that with all the forwarding companies out there, regardless of which one they choose, they are still getting the same sub-standard cheap agents over and over again?

So let’s look at some of the different flavors:

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