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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An SUV, a Loan and a Lawsuit

WSJ_story_olgaNew York woman went to a car dealership and walked out with more than she bargained for

 

Washington, DC – May 8, 2015 – Olga Arroyo said she went to an auto dealership in the Bronx last year planning to cosign a car loan for her 39-year-old son.

But the 56-year-old Manhattan resident, who has good credit but monthly income of only $1,354 in Social Security benefits, said she unwittingly left with a $51,000 car loan in just her own name. How she got the loan, funded through J.P. Morgan Chase & Co.’s auto-financing arm, is the subject of a lawsuit filed this past week in U.S. District Court for the Southern District of New York. The suit claims the bank and the dealership violated federal consumer-protection statutes and unlawfully deceived her into purchasing a car she didn’t want and couldn’t afford.

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NFA Response to the New Chase Contract

Editorial

Recently we have heard an outpouring of concern from the professional recovery agents and the insurance community regarding the newly released contract from Chase Auto Finance.  NFA shares your concerns.  The board discussed this matter last week at our midwinter meeting and decided to have the contract reviewed by our general counsel on behalf of the members of NFA.  We will also be reaching out directly to Chase responding on behalf of the NFA.

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ARA Response to the New Chase Bank Contract

I have gotten several calls over the last few days concerning the new Chase contract and in calling some of the other members I know there are more than a few that are very concerned about several items in it. Some of them are very afraid that in this hard time it will be impossible to not sign the contract and are not sure how to address it without fear of losing your business. It does seem to me to be a very unfair contract that leaves the agents in a very shaky position, I personally know that I would never be able in good conscience sign it.

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From RSIG – Read Before you Sign! – Chase Master Services Agreement

As an Independent Contractor, you are often asked to provide coverage and or indemnity beyond that which is normally provided in any policy of insurance. In addition the RSIG policy speaks for itself as to actual coverage provided.

When reviewing a contract you should consider all of the terms very carefully because in many cases it includes costs or requirements that will not be covered by insurance.

Two contract terms that you should pay particular close attention to in the new Chase contract are:

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