Why are we working like this? We are forced to work for companies that basically have us up against a wall, either accept our terms or don’t receive the assignments. I feel like we are being bullied by these companies because we all know that if we turn down the work, someone else will do it. It seems like it’s a no win situation and I strongly believe that the banks need to be aware of who they are dealing with when choosing what I deem to be a cut rate operation.
Adrian, MI – April 25, 2012 – On Monday in Lenawee County Circuit Court, a former sheriff deputy’s lawsuit against a repo man he blames for his firing was scheduled for trial in September next year during a hearing Monday. Toyota Motor Credit was also named claiming the repossession order from Toyota Motor Credit Corp. was improper. If held responsible, TMCC could be held responsible in court. The Repo owners insurance will not defense the claim.
Chicago, IL – April 3, 2012 – Insurance wasn’t enough to protect Wisconsin’s North Shore Bank in its attempts to obtain settlement on a $370K RV fraudulent RV loan. Apparently, a fake VIN wasn’t enough to qualify as they lost another round in a long legal fight for insurance coverage over the bad loan on a motor home that never existed.
For Wesley Peirce, and his drivers at East Texas Auto Recovery in Longview, the goal seems simple.
“The goal is to get the car and leave with it,” he said. “If it’s front wheel drive, I want to get to the front of it, pick it up and leave.”
Fresno, CA – April 18, 2012 – A unnamed Fresno Repo Man and his Supervisor met with the family of a borrower as they attempted to repossess their SUV from the driveway on Wednesday. What ensued led to punches thrown, an arrest and injuries to the two men.
In an industry that is particularly hazardous and known for its share of fast moving riptides it is important to check your bearings and be able to “check-in”. Taking the opportunity to be with literally hundreds repossessors is the best way to stay focused and avoid being caught up in the morass of a fast moving riptide.
“We have been talking with many TFA members and insurance providers who are in receipt of the most recent Chase contact, and we must advise that, as an organization, we cannot support the terms of this contract. ”
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.
After having received $25B from the US taxpayer in 2008, JPMorgan Chase Bank is clearly not satisfied with profits up 9%, or $19B in 2011 and have found a new target to squeeze the dollar out of. The repossession industry.