Santander Collecting Storage, But Repo Agencies Can’t?

To quote someone who may desire to remain anonymous, “Let This Sink in…”

Perhaps I’m a little late on this, but a copy of a borrower notice of intent letter from Santander/Chrysler to an unnamed borrower has surfaced showing Santander charging $25 a day storage while forcing their repossession agents, direct and via Forwarder, to waive the fees. This is almost too bizarre to be true.

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Do You Really Need Those Cyber Liability/Computer Crime and Employee Dishonesty Insurance Policies or is it Just Hype by the Lenders?

Read the following article taken this week from, The Washington Post, and imagine if you will, that  Mr. Thompson in this article was in fact, your employee who gave NPI data to a third party.

2nd man charged in harassing of officer

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Social Media and its Impact on Insurance Coverages

GUEST EDITORIAL

Like a double edged sword, social media can be a great way to communicate or if used irresponsibility can make you bleed headaches.  Remember, what you post on any social media site doesn’t go away….ever.

I hope recovery agents and recovery agency owners around the country will read and maybe re-read this article, because it directly affects you and your insurance coverages.  You’re probably saying that can’t be possible.  Well here is how.

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Double Assignments = Deadly Assignments

EDITORIAL

For whatever reasons, the practice of double assigning repossessions keeps rearing its ugly head. The causes range from; a collector receiving a new address in another area or the collector or vendor management staff feel that the assigned agency isn’t working the account or just good old fashioned brain cramps causing the collector to forget to close the assignment. Any way you look at it, it’s a bad practice and a deadly one.

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Caught on Video – Repo Man Breaks Into Garage

Flint, MI – 5 February 2018 – On May 13, 2017, an unnamed borrower caught a repossessor, allegedly from Michigan Recovery Services, breaking into their garage and then towing the vehicle from the garage for lender, Elga Credit Union of Burton, MI. In the borrowers mind, two wrongs make a right and they stole it back from the credit union, right off their lot.

  Read More and Watch the Video!

Millennium Capital and Recovery Gets an Award for Repo Agencies Income Losses

EDITORIAL

So, as you spend a half hour carefully listing and doing inventory on that motorized dumpster full of cockroaches, needles, trash and half eaten food that smells like a dead bum left in the sun to rot that used to be a car, and then hand it over FOR FREE, to the foul mouthed “consumer” who is threatening to sue you and worse, and you got paid a whopping $300 (the same as you would have gotten paid in 1990) for it, take solace! Millennium got an award for your sacrifice! Now, THAT should put a smile on your face!

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Does “No Contact” Mean No Power?

 

GUEST EDITORIAL

You have just backed your tow truck up to the vehicle to be repossessed when the debtor runs out of his house yelling and cursing and telling you to get the hell away from HIS vehicle, or “Hell no you aren’t taking MY car, or, “Get the hell off my property” or, (while holding a large knife), “Stay the hell away from MY Harley” or, “If you try to take MY car I will shoot you.”

What “power” do you have in such situations?

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Auto Lending and the New MLA Rule

Impact of the New Military Lending Act Guidance
Wednesday, January 24, 2018

10:00 PST | 11:00 MST | 12:00 CST | 1:00 EST

 

The new Military Lending Act Interpretive Rule provides guidance to lenders who finance automobile (and other personal property) purchases, but its retroactive effect places many at serious risk because of transactions already on the books. 

 

Next Wednesday, participants will learn (among other things):

  • When the MLA now applies and doesn’t apply to the financing of motor vehicle and other personal property purchases
  • How the new rule affects lending moving forward
  • The problems the new rule creates for loans made or contracts purchased since October 2016
  • What steps you should take to identify and deal with transactions made void by the new rule

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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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