Hurricane Harvey – Repossessors Bringing Help

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.

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The $500 Repo Fee

Editorial

$500 repo fee. Sounds pretty radical, doesn’t it? Well, really, it’s not. I imagine every one of us has had a father or grandfather who tells us how candy bars used to cost a nickel and gas was a quarter a gallon. Well, they’re usually telling the truth. These changes are reactionary to operational costs of living and operations and fall under a proven thing called (dig this) inflation.

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Starting a Repo Company – The Numbers Don’t Work!

Editorial

In March of 2017, my 16 years of employment with the credit union I had been working for, came to an end. The writing had been on the wall for a while, so it was disappointing, but not a complete surprise. The only question was, what next?

Plan B – My 19 year career in collections and banking started from my experience and contacts I had made way back with National Auto Recovery Bureau in San Jose as a Manager, where I had spent 4 of my 7 years in the industry. Having closely followed the repossession industry for all of these years, I saw opportunity in the “Boom Town” of Silicon Valley where I reside.

So, before jumping into the fray, I started doing the numbers.

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STOP Manufacturer Licensed Repossession Exemptions!

AB 290 Exemption from Collateral Recovery Act [Oppose]

Please help us stop AB 290 from passing! This bill will could affect recovery agents nationwide! All states look at California to adapt new laws. If AB 290 passes it would allow companies like John Deere to be exempt from using repossession agencies.

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Angry Borrower Makes Bomb Threats to Lender and Families

Kansas City, MO – 7 June 2017 – Jackson County Prosecutors charged a 30-year-old Kansas City man with harassment and making terroristic threats after police say he threatened employees and their families at Auto Bank KC, 6901 E. Front Street, when the business informed him they would have to repossess his vehicle if he didn’t catch up on payments.

The employee of Auto Bank KC who manages his vehicle loan says Robert Hill told her and another co-worker that he was going to burn down their houses, kill their families and kill them.

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Auto Loan Fraud Soars

Up to 1% of car loan applications include deception, firm says

Borrower fraud in U.S. auto loans is surging, and may approach levels seen in mortgages during last decade’s housing bubble, according to a startup firm that helps lenders sniff out bogus borrowers. As many as 1 percent of U.S. car loan applications include some type of material misrepresentation, executives at data analytics firm Point Predictive estimated based on reports from banks, finance companies and others. Lenders’ losses from deception may double this year to $6 billion from 2015, the firm forecast.

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Auto Sales: The Party May be Over

usd_car_lotCar sales are near record levels. But this is a time of uncertainty for the industry, not celebration.

Sales are showing signs of leveling off. When December figures come in Wednesday, they may be enough to eke out a seventh straight year of gains, edging past last year’s record of 17.5 million cars and trucks. But sales are expected to fall in 2017.

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Lenders, this is What You Have Been Waiting For!

afa new smallmap

FOR IMMEDIATE RELEASE

October 28th 2014 –Allied Finance Adjusters announced at their Midyear meeting, their new and improved Member search functions. Lenders can now search by their debtors home or employment zip code and locate an AFA Bonded member’s physical office location within a 100 miles radius. The search results page show each AFA Member by miles to your debtors location. For those who prefer a more visual perspective use the AFA Interactive map by searching their debtors address and zooming in on the closest AFA Bonded member’s physical office location. This is an industry first brought to you by Allied Finance Adjusters!

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Who are the real bad guys; Banks, Forwarders, or Ourselves?

Editorial

As we all know the state of the repossession industry has changed drastically in the last few years.  What was once a very lucrative industry for all who ran their businesses well has become one of distrust and infighting that is seeing costs rise and revenues plummet.   In the past, the relationship was lender-to-agent, today the relationship is lender-to-forwarder-to skip company-to-agent, or some variation.  This has translated to a highly competitive arena that does not allow much room for movement, and has bred a sense of discourse across all levels of the industry.

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