29 September 2017 – Through a memo circulated last week, it appears as though Santander has extended their deadline for CARS certification to November 1, 2017 from its prior deadline of October 1st. The memo states that a formal notice of this is pending from Santander themselves. Included in the memo is a request to identify agencies who have refused to comply the certification mandate for the purposes of identifying gaps in coverage.
November 8 – November 10, 2017
Riverton Country Club
Cinnaminson, New Jersey
FOR IMMEDIATE RELEASE
The Credit Union Repossession and Remarketing Summit 2017 will be the premier credit union educational event of the year. Industry leaders will be speaking on the topics that are of extremely high importance to the Credit Union collections industry. Situated just minutes from city center Philadelphia at the historic and scenic Riverton Country Club, this seminar will be tailored to address credit unions specifically, and the day-to-day challenges they face with collections, collateral repossessions, and the remarketing of collateral. You are guaranteed to walk away with insight and knowledge you previously did not previously have, or your admission will be refunded.
As the repossession industry continues to experience downward price pressure and continuous unreasonable demands from lenders and forwarders, we are saddened by the closing of yet another repossession agency. Below is a recent post made by the owner of one such agency.
Fellow owners I’m DONE. I got in this business when I was 21 years old and was getting paid MORE per repo, fuel was .88 cents a gallon insurance wasn’t even ten thousand per year and a brand new rollback was $52k. Trucks are now $100k fuel is 2$ @ a gallon, insurance is $60k and repo fees are down and now they have stripped us of any way to earn.
Washington, DC – 12 September 2017 – In a report published September 12th by the Consumer Financial Protection Bureau (CFPB), titled the “Supervisory Highlights, Issue 16, Summer 2017”, the CFPB released their findings from examinations of “servicers” overseeing repossession agents and how repossessions are conducted. Through that work, they identified unfair practices relating to repossessions that had been causing wrongful repossessions of borrowers who had already brought their accounts to current statues.
It has been brought to the attention of several repossession association Presidents, that there are Lenders out there that appear to be obstructing the release and transport of vehicles from the lots of repossession agencies in the path of Hurricane Irma while also requesting more cars be repossessed up to the last minute. We know who you are, and at this point we are hoping that this is merely a misunderstanding and not an obvious attempt to force insurance losses on any repossession agency instead of your own insurance coverage.
In our earlier report, we reported that “Repossession agencies in the area have reportedly been put on a 60 day moratorium on all repossessions by the state as well as many lenders and will likely be extended throughout the disaster recovery period.”
This has not been verified as a “State Mandate”, but rather individual lenders have broadcasted this publicly and probably directly to individual agencies in the areas. Please check with your lenders as appropriate on this.
Earlier it had been reported that no agencies themselves had been affected, but later, we had to unfortunately update that two Allied Finance Adjuster agencies (names withheld) have suffered significant damage. One American Recovery Association member lost their home and six of their employees.
The flood waters are started to recede and many are returning to their homes and businesses which have been destroyed by this catastrophic disaster. The Houston and Southern Texas areas devastated by Hurricane Harvey have brought out the best in many Americans including the repossession industry. With no prompting and little fanfare, repossession agencies from across the country are on their way, and some are already there to providing assistance and supplies to help the people in the flood affected areas.
A common inquiry on social media in the repossession industry is, lender and Forwarder performance. In these posts, it can be difficult to measure exactly what the overall experience is amongst agents and agencies. In our effort to facilitate a platform for agents and agencies to provide valuable feedback to others in the industry, we have created easy to access polls measuring the performance of Lenders and vendors on a number of various aspects such as fees, storage and quality.
So, you have a fence around your storage yard, perhaps some barbed wire on top and cameras recording everything going on. Why? Security of course. As an agency owner, it is crucial that you secure your business and the recovered collateral. So, why would you give a person you don’t know access to your yard and the vehicles stored on it?
Well, that’s the newest infringement on repossession agencies that is occurring now.
What is going on in the repossession industry? For years we have been pushed around, dictated to, coerced by false information, and downright bullied. But Enough is Enough!
The Council of Repossession Professionals (CORP) can no longer stand back and discuss the issues. We have to get out front and disseminate all the information we can to you, the hardworking, professional recovery agents and owners, with a belief that you can make informed decisions.