Subprime Auto Loan Losses Reach Highest Level since the Financial Crisis

Subprime net loss rate in auto bonds rose to 9.1% in January

U.S. subprime auto lenders are losing money on car loans at the highest rate since the aftermath of the 2008 financial crisis as more borrowers fall behind on payments, according to S&P Global Ratings.

Losses for the loans, annualized, were 9.1 percent in January from 8.5 percent in December and 7.9 percent in the first month of last year, S&P data released on Thursday show, based on car loans bundled into bonds. The rate is the worst since January 2010 and is largely driven by worsening recoveries after borrowers default, S&P said.

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Repossession Amateur Hour in a California Trailer Park

This is why lenders need to use qualified agents!

Calaveras County, CA – March 9, 2017 – Sheriff’s Deputies responding to a report of a fight at the Sequoia Rose Mobile Home Park in Valley Springs Feb. 27 wound up arresting three adults and a juvenile on assault charges. In an official release on the incident released this week, the CCSO said deputies responding to the call for help at around 4:30 p.m. determined that Jacob King and Robert Saling allegedly went to the Valley Springs Mobile Home Park to repossess a vehicle that they had sold to Jaycob Babcock-Coburn and his girlfriend. King and Saling were reportedly armed with a baseball bat and a metal pipe at the time. King allegedly entered Coburn’s trailer and threatened his girlfriend, whose name was not released and who was caring for two small children, by raising the bat.

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The License Plate May Soon Become Digital

Reviver is a start up with heavyweights like the chairman of Microsoft on its Board of Directors.  It’s determined to make the license plate digital and connected. Reviver says the license plate hasn’t changed in 125 years, so it’s pushing it into the 21st century by turning it into a digital display and connecting it to the Dept. of Motor Vehicles (DMV)

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Prison Term of Repo Man Killer Reduced

Fauquier County, VA – 28 February, 2017 – The Virginia Court of Appeals today reversed a portion of the conviction of a Marshall man who shot and killed 23 year old Junior Jordan Montero while he was repossessing his car in June 2014.

Carroll Edward “Tootie” Gregg, 55, of Marshall, was found guilty of two involuntary manslaughter charges, one statutory and one common law, after a five-day jury trial in September 2015.

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Santander Decides Not to Use GPS

Dallas-based Santander Consumer USA Holdings Inc., one of the country’s biggest subprime auto lenders, has decided not to use GPS-tracking and ignition kill switch technology as regulators clamp down on the devices, an executive said.

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Repo Man Shot During Alleged Garage Break In

Lake Havasu City , AZ – 10 February 2017 – Lake Havasu City Police are investigating a shooting in the 2400 block of North Rainbow Avenue that sent two men to the hospital Thursday with non-life threatening injuries. At 2:18 a.m. a female in the residence called police to report there were people attempting to break into the home and access a motorcycle. Detective Sgt. Chad Williams said police believe the men were there to repossess the motorcycle when the male homeowner entered the attached garage armed with a rifle and opened fire.

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Repo Man Struck on the Head with Shotgun

Antioch, CA – 6 February, 2017 – On January 29 at 3:48 pm, a repossession truck driver attempted to recover a 2011, Infiniti, G37, parked in front of a home in the 400 block of W. Tregallas Rd. Once the vehicle was up on the tow truck, a 25 year old man exited the residence armed with a shotgun.

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