The American Repossessor

The Professional Recovery Industry Magazine
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Latest News

All the latest news relating to the Repossession/Recovery Industry, national and international.

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Chrysler to file for bankruptcy

Secrets of the Modern Repo Man

Boats take a hit during the recession

Man charged with threatening repo man

Repo Man Allegedly Demands Car, Assaults Family Member At Wrong House

Business Booming For Repo Man – Vehicle Repossessions Up In Louisville

Many Harley returns – Auction services, tent sales market repossessed bikes

Used-car sales outperform new car sales

NBFCs must detail vehicle repossession norms in loan pacts: RBI

Former PAR President/COO Set to Launch New Remarketing Company

Obama suggests recession easing

Business is Booming for Manufacturers of Devices That Turn Your Car Off When You’re Behind On Your Loan

Your car can get the boot from across town

Suspect Arrested, Charged in Rosaryville Double Murder

China driving global auto business

Banks Reject U.S. Terms for Cutting Chrysler Debt

Govt to launch old-for-new vehicle scrap scheme

Repo, reserve repo rates slashed by 25 pbs: RBI

Southmost Shooting Sends One Man to the Hospital

Recession-Proof Small Businesses

SCOTT STORCH – LIL’ KIM EMBROILED IN STORCH’S BENTLEY CASE

Repo men accused of wild ride in Abington acquitted two years later

Repo Men Find New Career, Old Clients Not Happy About Career Move

No remittance, no ignition: Auto ‘electronic repo’ in action

Chrysler Reveals Dire Circumstances in Memo to Canada Employees

Possess that repossessed car

Pay up – or your engine stops running!

Luxury auto dealer defies slump with Rocklin showroom

On Your Side: Dealership or Dating Service?

Ford faces tax bill for unsold cars

Couple accused of murder during repossession gets national attention

Auto Dealers Have New Way To Fight Delinquent Payments

Guy from Bold & Beautiful — Sued & Repossessed

Customers lose cars, still pay after Nashville Dodge closes

How to Avoid Losing Your Vehicle To The Repo Man

Private lenders deny financing vehicles

Fairus’s car taken back by Penang govt

Vehicles At Vernon’s Clyde Chevrolet Buick Repossessed By GMAC Under Eye Of State Marshals: THE AUTO INDUSTRY [The Hartford Courant, Conn.]

Government Repossessed Cars – Buy Cheap Used Cars at Government Seized Auto Auctions

Abilene Police: Suspect threatens to run over victim

GM preparing for possible bankruptcy: report

Repo man wanted for murder of Augusta man

Woman files suit in wake of repossession

Hyundai goes after Hecker for $104 million

No. 2 State Patrol official accused of unruly behavior

Bargains help keep boat sales afloat

Tow truck man

Couple Threatened At Gunpoint For Repossessing Car

Man pleads guilty to shooting at repo workers

Frustrated Americans cheer Obama’s tough auto moves

State of the Repo Art: The Jerr-Dan Element – Feature

Morris County man sentenced to six months in prison for impersonating U.S. Secret Service agent

For repo man, times are good

Golden Gate man broke into tow yard, threw rocks at employee, authorities say

Eugene auto repos are on the rise as economy tanks

Private Planes Can Be Ultimate Status Symbol

A bumper crop for repo man

In 2 decades, repo owner has heard it all

Airplane Repossessions Picking Up in a Down Economy

Speaker’s Ferrari repossessed

Used Car Dealerships Suffer

Recession alters landscape for the repo man

Court directs ICICI Bank to release confiscated car

Repossessions a busy business

Woman Drove Repo’ed Car Off Tow Truck

Boat repo firms see business surge

Repo Man at sea In Tough Times, Boat Repossessions On The Rise

Repo man dangers during sick economy

Rich boys’ toys to go in $2m auction

Method Man truck gets repossessed

24,000 Consumers Avoid Auto Repossession and Get a Second Chance

Man armed with shotgun steals vehicle being repossessed in Highland

Triad Financial partners with Innovate Auto Solutions to market third-party loan servicing

Vehicle repo leads to shots fired

Repo men mistakenly attempt to repossess car with Macon children inside

Repo rage: Car owner accused of wielding gun, taking truck

Need for interest rate cut on auto finance: Srinivasan

Artist’s Obama painted car to get repossessed in Tampa, Fla.

Tow truck driver gunned down near UTSA dies

GMAC Enlists CARL for Repossession Vendor Compliance Services from Recovery Compliance Solutions

Booming Business For Car Repo Men

Industry urges PM to ensure retail finance in auto sector

Banks repossessing fewer houses, cars

Woman hits man trying to repossess her car

Sentencing delayed after man collapses in court

Downturn Sees Rise in Repossessions of Yachts, Private Planes

The Recession’s Gotten So Bad, Even the Repo Man’s Singing the Blues

Fireside Bank to Cease Originations, Exit Auto Finance

Kerry Katona’s repossessed cars put up for sale

Recession Fuels Business Boom For Repo Men

Towing company fights to expand into South End

No end to car repossessions

New firm to be first in Hungary to auction off repossessed vehicles

Insurance scheme leads to arrest of two men

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Technology

One of the fastest growing forces that is driving the Repossession/Recovery Industry forward is Technology and this section is dedicated to news-related articles.

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Red Flag Rule Program

Are you in compliance? The Government’s FTC (Federal Trade Commission) is requiring financial institutions to be – so you need to be too!

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From the Editor

How many more repossession related shootings are we going to read about before something is done to stop this ludicrous violence that is still hitting our streets?

In the last 20 days, www.theamericanrepossessor.com has found 5 articles (see the articles listed on the home page) that are all gun related repossessions and they are in diverse areas of the country – Missouri, California, Louisiana, Ohio, and Texas.

Why on earth are your Field Agents/driver out in the middle of the night and/or early hours of the morning repossessing vehicles?

This simply has to stop and to do that we need legislation, licensing and regulation laws to help end this so-called repossession activity at ridiculous hours. You are simply asking for trouble as debtors, irrespective of time of day or night, have a right to protect themselves and their property – I don’t just say this, the law does!

We too have a responsibility to our employees i.e our Field Agents, as they too need to be safe. You need to ensure that our repossessors are well trained in the work that they do so that they can deal with all situations that present themselves while they are repossessing.

There was a great deal of concern regarding this at the first North American Repossessors Summit in Dallas, that I attended last month. Take a look at the report on the home page and this will give you an insight into several other areas that many repossession company owners were concerned about.

Ultimately a repossession order/assignment is usually for a piece of metal with four wheels and that piece of metal is not worth anyone losing life or limb over. There is always another day!

Just a quick reminder. The original deadline for compliance for the Red Flag Rules was 1 November 2008. Needless to say that not many corporations/companies/organizations country-wide were prepared for this and so the Federal Trade Commission granted a six month delay in the enforcement of the Red Flag Rule, “…allowing additional time in which to develop and implement written identity theft prevention programs…”. (See the Red Flag Policy section)

Now the date for compliance is by 1 May 2009., when the FTC will begin to enforce the Red Flag Rules.

Keep safe.

Susan

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Columns and Features

North American Reposessors Summit, Dallas, Texas – 14-15 March 2009
By Susan Marston

And why didn’t you attend?  This event was the first of its kind and it tried to reach out to the repossession industry as a whole, requesting YOUR input to help to improve our industry, yes the one that most of us earn our daily bread from!

Irrespective of your non-attendance the event took place.  It was wonderful to see the number of repossession company owners that had the commitment, dedication, curiosity and investment of their time and money to see what was going on.  There were many attendees that were from all corners of the country – representing 32 States, stretching from California to New York, Washington to Massachusetts, Louisiana to Iowa, Minnesota to Florida, covering all those in between eg., Ohio, Kansas, Nevada, North Carolina and quite a few more. …more…

The tail is wagging the dog… NOT for long though!
By Susan Marston

Last month, I attended the first North American Repossessors Summit in Dallas (you can read all about that in the column dedicated to the event).  There were many repossession company owners/CEOs/Presidents attending too.

During several related discussions, I heard numerous times from the audience that they could not get their Field Agents/Collateral Recovery Specialists to run client accounts/assignments/orders that were not new and that they would ‘cherry-pick’ the accounts that they wanted to.  Added to that I had heard that too from several client companies that I work with, but in this instance, I heard it at the beginning of our working relationship.  My thoughts were and still are…. ‘who’s company is this…. who is in charge, the Field Agents or the owners/CEOs/Presidents’?

Now, I can say with pride, that these companies do not have that problem any longer.  Why?  Because now the company owners/CEO’s/Presidents have taken back control of their own companies and are not dictated to or by anyone within it, particularly the Field Agents! …more…

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