2018 NorthLegal Conferences

FOR IMMEDIATE RELEASE

NorthLegal Training and Publications has announced the dates and locations for its 2018 bankruptcy and collections conferences.  Registration is now open, so if you plan on attending you can do so now using this year’s or in a few weeks using next year’s, whichever works best for your budget.

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Florida Creditor Seminar: Repossession Best Practices

Florida Auto Lending Creditors:

Best Repossession Client/Vendor Relationship Practices

Working With Your Repossessor For Greater Success

Thursday January 18, 2018 

 1-4pm (With Reception Afterwards)

Daytona Shores Resort

Daytona Beach Shores, Florida

Seminar is Free for Florida Creditors and TFA Members.

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Repo Companies Being Cut Off From Credit and Banking

EDITORIAL

If you didn’t think the big Lenders thought very highly of the men and women and the industry that recovers their delinquent auto loans before, their latest actions show their clear disdain and dismissiveness. It has just recently been reported that numerous repossession agencies have recently had their access to company credit cards and bank accounts closed by Bank of America, Citibank and Chase.

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NY Fed: Auto Loan Delinquencies Rising in the “Sub-Prime” Market

New York, NY – 21 November 2017 – The growth in household debt can be attributed, at least in part, to the growth in auto loan balances, which have increased for 26 consecutive quarters as a result of new loan originations. In the aggregate, there are apprx. $435 billion worth of auto loans outstanding that were made to consumers with a credit score below 660.

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BMW gets it Right on Fees

EDITORIAL

22 November 2017 – In a world of lenders and forwarders so scared of the CFPB and it’s view of personal property fees that they wantonly and with complete disregard to the efforts and labor involved with the process, are requiring repossession agencies to waive all fees associated with it, it is refreshing to see a lender make a business decision that is reasonable and profitable to the agent.

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Cordray Resigns from the CFPB, Now What?

Treasury Secretary Steven Mnuchin

Washington, DC – 15 November 2017 – Richard Cordray, the Director of the Consumer Financial Protection Bureau (“CFPB”), announced Wednesday that he plans to step down from that post by the end of the month. Cordray’s term was otherwise set to expire in July of 2018.

So, what does this mean for the collections and repossession world?

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Forwarder Threatens Agencies with Punishment over Reporting Breaches

EDITORIAL

In a memo distributed on October 20th, Consolidated Asset Recovery Systems has announced their need to enforce punitive actions against agents for failure to report repossessions within the established service level agreement (SLA) timeframes. These punishments include, compliance holds, suspensions and repossession fee forfeitures.

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Consumer Experience Surveys Required for Repo Redemptions?

EDITORIAL

October 31, 2017 – In what bizzaro universe would someone expect to receive positive feedback from a borrower redeeming their repossessed vehicle? Well, that’s the expectation being pressed upon repossession agencies working for national forwarder, Millennium Capital and Recovery Corp. on Toyota and Wells Fargo accounts.

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