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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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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Rebuttal: Consolidated Asset Recovery Systems Response to Punishment over Reporting Breaches Editorial

 EDITORIAL REBUTTAL

Kevin,

Before I reply, I want to first thank you for the fine job you do. I find your site to be informative and insightful providing needed information on our industry and a platform for sharing opinions and observations.

Your article on Consolidated Asset recovery Systems is accurate but may leave some questions unanswered. I will address those later in this reply.

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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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More Rooms Added for The 2017 Credit Union Repossession and Remarketing Summit

November 8 – November 10, 2017

Riverton Country Club

Cinnaminson, New Jersey

 

FOR IMMEDIATE RELEASE

27 October 2017 – Due to the early sell out of discount block rooms for The Credit Union Repossession and Remarketing Summit 2017, 20 more room at the DoubleTree, Hilton, have been added and, the block rate has been extended to November 1st. These will book up quick, so be sure to reserve your rooms now.

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.

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Santander Extends CARS Certification Deadline

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.

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2017 Credit Union Repossession and Remarketing Summit

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.

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I’M DONE! – Final Words from an Agency Owner

EDITORIAL

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.

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CFPB Faults Forwarders for Wrongful Repossessions

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.

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