The American Repossessor

The Professional Recovery Industry Magazine
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2012+05
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Latest News

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

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GM and PSA Peugeot Citroën Create Global Alliance

TransUnion: National Auto Loan Delinquencies Continue Lower to Close 2011; Down 22% for Year

AFSA Leadership Meets with CFPB Director, Discusses Industry Concerns

Auto interest rates hit lowest levels since 2008, according to Experian Automotive

Dykema Launches Exclusive CFPB Regulatory Scorecard

GM Appoints Jon Lauckner Chief Technology Officer

GM FINANCIAL NAMES ADESA SAN DIEGO 2011 AUCTION OF THE YEAR

FTC Continues to Seek Public Input on Consumer Issues in Motor Vehicle Sales, Financing and Leasing

Court Halts Alleged Fake Debt Collector Calls from India, Grants FTC Request to Stop Defendants Who Often Posed as Law Enforcement

Capital One Completes Acquisition of ING Direct

TCF Equipment Finance Selects Odessa Technologies to Automate End-of-Lease Processes

GM Reports 2011 Net Income of $7.6 Billion

GM FINANCIAL REPORTS DECEMBER QUARTER OPERATING RESULTS

America’s Car-Mart Reports 40.4% Increase in Fully Diluted Earnings Per Share on Revenue Increase of 13.8%

BMO: Auto Sales Expected to be Up in Canada and U.S.

Consumers Pay If Fuel Economy Rules Are Not Delayed, NADA Warns

GMC IntelliLink Helps Drivers Get Connected

BestPaydayLoans.com Launches Updated Lending Site

Windsor judge regrets attack on Crown in Big 3 auto fraud case

ABA TESTIFIES ON NEED TO INCREASE ACCOUNTABILITY AT CFPB

Ally Financial Survey Finds Dealers Bullish on 2012 Vehicle Sales

Experian Automotive launches business intelligence tool that delivers unique insights into automotive market

Chevrolet, Buick, GMC and Cadillac Dealers Upgrading Stores GM initiative assists U.S. dealerships to enhance customer experience

Chevrolet to Debut Five Ads on Super Bowl Sunday Sonic and band OK Go team up for first-of-its-kind music video

OnStar Looking to Make the Smart Grid Smarter

America’s Car-Mart Opens 112th Dealership

AutoMate Launches GuardMate; First-of-its-Kind Data Protection Service for Auto Dealers

Ally Financial Reports Preliminary Fourth Quarter and Full Year 2011 Financial Results

ABA TESTIFIES ON HOUSE BILL TO IMPROVE BANK EXAMINATION PROCESS

Toyota Motor Sales Reports Increase in January 2012 Sales

Ford Motor Company U.S. Sales Increase 7 Percent in January; Focus, Escape, Explorer Drive Growth

Patent Board: GM Remains Top Automotive Innovator

GM’s U.S. Sales Down 6 percent in January

GM Will Build $200 Million Stamping Facility in Texas

Hertz Clarifies 2012 Projected Revenue for Its Equipment Rental Business Unit

Ally Lease Training Helps Dealers Sell More Vehicles

Ally Financial Schedules Release of Fourth Quarter and Full Year 2011 Financial Results

FTC Settlement Bans Billing Scheme Operators from Negative-Option Sales

Robertson Co. Repo Men Charged After Crash

GM FINANCIAL ANNOUNCES $1.0 BILLION SENIOR SUBORDINATE ASSET-BACKED SECURITIZATION

GM FINANCIAL SELECTS DATASCAN TECHNOLOGIES AS ITS COMMERCIAL LENDING SOLUTION PROVIDER

U.S. Consumers Paid Down Debt — On Time — in 2011, Equifax Reports

America’s Car-Mart, Inc. Schedules Release of Third Quarter 2012 Results and Conference Call

Under FTC Settlement, Debt Buyer Agrees to Pay $2.5 Million for Alleged Consumer Deception

Both 30- and 60-day auto delinquencies dropped in Q4 2010, according to Experian Automotive

Daimler Outlines Plans to Increase Global Work Force

GM Financial Explores Offering Near-Prime, Subprime Leasing, Ramps Quarterly Originations Up to Almost $1B

Car dealers feeling bullish as sales continue to pick up

Toyota Announces the Plural of Prius

New Toyota Advertising Campaign Reminds Consumers Why It’s the Best-Selling Brand in America

VW Credit Taps New Agency of Record to Support New Product Launches

Ford and Sollers Sign a Memorandum of Understanding to Establish a Joint Venture in Russia

Getaway a $35,000 smash

New car dealers in overdrive as sales surge

Credit Acceptance Outlines Tender Offer to Purchase Outstanding Common Stock

More Captives, Banks Approving Credit-Challenged Customers

Vehicle sales confidence Indicator at record

Used-car buyers need to know dealer’s rules

Manheim Reveals Used Car Market Report at NADA

Dealer confidence soars as sales, credit approvals rise

Session Dedicated to Repossessions Set for CAR Conference

AVIS BUDGET Group and OPENLANE Expand Partnership to Sell Vehicles Wholesale Online to Dealers in Canada

How Do I Love Thee? Ally Bank Counts the Ways

General Motors Gets Off to Record Start in China in 2011

Manheim: 2010 Consumer Credit Conditions Aided BHPH Market, More

Utah Dealer Stephen Wade Takes the Helm at NADA

ADESA Offers Buyers Access to Carfax Reports

What Bank Executives Need to Know About Dodd-Frank

Interactive Financial Marketing Group Processes Five Millionth Auto Loan Application

Dealer Groups Experience Significant Sales Through OPENLANE’S Dealer Group Remarketing Program

Skipper Bud’s adding 300 repossessed boats to inventory

Govt working on new vehicle repossession guidelines

The Wired Repo Man: He’s Not ‘As Seen on TV’

Repo business more than grab and go

Attorney General Files Suit Against Beckley Couple

Attorney: Drop theft charges against repo man

Riggie pleads no contest to impersonating peace officer

The Recovery Industry at a Crossroads

Finding the Right Recovery Agent

Dothan repo man charged with stealing cars

Local Repo Man Always Gets His Car

Ex-deputy faces misue charges

Man charged with murdering repo man pleads not guilty

Man claims self defense after hitting repo man with a bat

Monmouthshire vehicle dealer jailed for £9.5m fraud

Lost hiker found in hills north of Simi Valley

Repo man charged with menacing

Warren man headed to prison for two years

Man charged in weekend shooting of Birmingham repo truck driver

Motorcycle repossession attempt leads to standoff in White Bear Lake

Tow Truck Driver Makes Unusual Discovery in Repossessed Vehicle

Man draws pistol on South Bend repo man

“Financial Crisis had led to Repossessions”, says Auto Relief Group

Chrysler in talks to take back Detroit-area plant

Toyota pays dealers up to $75,000 for longer hours

Misuse of confidential database brings jail term for former Dayton police officer

Is Toyota the new death trap?

Repo man grazed in head with bullet in east Birmingham

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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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ARS.mobileAgent – Smartphone Apps for the Automotive Repossession Agents

Quote start…we are proud to offer this product to our exclusive service provider network, free of charge – Steven Schelk, Chief Risk Officer of ARSQuote end
The roadmap of comprehensive features rollouts include processing new assignments, hold and close requests, condition reports, pre-transport photographs and many other ideas that originated from the repossession agents participating in the pilot testing program.

El Dorado Hills, CA (PRWEB) February 16, 2012

American Recovery Service (ARS), the original national repossession servicing company and the industry leader, announced today that its new ARS.mobileAgent Smartphone app has completed pilot testing and is available to ARS’s entire network of repossession agent partners. The app, built for both iPhone and Droid phones, enables repossession agents to provide status updates, report repossessions and transmit other critical information to ARS while on the road, 24 hours a day, 7 days a week. This usage model greatly improves their efficiency while streamlining each agency’s need to feed this data to ARS daily.

Instead of relying on administrative staff to enter updates into ARS’s Webtracker system, the ARS.mobileAgent app captures the GPS location, date, time and any comments the driver has, all while requiring very few button clicks. The data is transmitted securely to ARS’s web servers and internal database where the information flows all the way to the lender of the vehicle in question. The agency front-office also receives a copy of this information for their internal records. Read the rest of this »

RSIG Discusses How Allied and Lenders Are Embracing Recovery Management Solution

February 1, 2012
MANASSAS, Va. — Recovery Specialist Insurance Group recently highlighted how the industry has been embracing its National Agency Management Systems, a technology solution that’s been welcomed by Allied Finance Adjusters, as well as lenders.

RSIG contends that NAMS is the only technology solution that can provide direct communication with the repossession agency and field rep, as well as ensure that every account is afforded insurance protection through the Recovery Specialist Insurance Group insurance policy.

“Gone are the days of having to sort through numerous insurance certificates and coverages,” RSIG director Jim Clark declared.

“NAMS offers one place where repossession insurance is standardized across the board, and there’s no doubt of who’s covered and who’s not,” Clark continued. Read the rest of this »

Malware Targets Bank Accounts ‘Gameover’ Delivered Via Phishing E-Mails

01/06/12

Bank vaultCyber criminals have found yet another way to steal your hard-earned money: a recent phishing scheme involves spam e-mails—purportedly from the National Automated Clearing House Association (NACHA), the Federal Reserve Bank, or the Federal Deposit Insurance Corporation (FDIC)—that can infect recipients’ computers with malware and allow access to their bank accounts.

The malware is appropriately called “Gameover” because once it’s on your computer, it can steal usernames and passwords and defeat common methods of user authentication employed by financial institutions. And once the crooks get into your bank account, it’s definitely “game over.” Read the rest of this »

American Recovery Association and Subprime Analytics Announce Phase Two of the Recovery Industry Scorecard

Industry Scorecard Sets Standards to the Entire Recovery and Lending Community

Dallas, TX, February 2, 2011 – American Recovery Association, Inc. (ARA), the world’s largest organization of professional finance adjusters and certified recovery specialists, and Subprime Analytics, a leader in performance analysis of subprime portfolios, today announced the second phase of the recovery industry scorecard initiative with compiled data from January 1 to December 31, 2010.

The industry scorecard is an independent performance analysis derived from data records that allows repossession companies to compare its performance against its peers. The scorecard measures individual companies and industry performance, such as recovery rates and time to recovery. Read the rest of this »

OPENLANE and AUCTION123 Introduce Innovative Virtual Showroom Service For Dealers

Service Enables Participating Dealers to Display Used Vehicles Recently Listed for Sale on OPENLANE’s Wholesale Auction through Dealer’s Own Website
REDWOOD CITY, Calif. and FT. LAUDERDALE, Fla., February 1, 2011 – OPENLANE, Inc., a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles, today announced a collaborative partnership with automotive solutions provider Auction123, Inc. to create the Virtual Showroom Service. This new service is a lead generation tool that enables participating dealers to display thousands of off-lease, fleet, rental, repossessed and dealer-consigned vehicles listed on OPENLANE.com each day on their own websites.
Powered by Auction 123, OPENLANE’s Virtual Showroom Service seamlessly integrates with the participating dealer’s existing website, enabling the dealership to display a searchable database of vehicles that have been recently listed for sale on OPENLANE’s wholesale, open auction website. The participating dealer can filter thousands of recently listed off-lease, fleet, rental, repossessed and dealer-consigned vehicles by multiple attributes, including geographic location, year, make, model, price and distance. This enables the participating dealerships to tailor the service to their own market and display on their existing website only those vehicles that best suit their particular customer base. Read the rest of this »

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

There seems to be an upswing in the sales of new motor vehicles, as according to some of the major auto manufacturers eg., Toyota, Ford, GM etc., they had significant increases in sales in the month of January.  This can only mean good news for the repossession industry and the potential increase in repossessions – perhaps not today, but in the future months to come.  ‘Take a look at the LATEST NEWS section and there you will find a selection of news articles relating to the growth in auto sales.

In the very near future, there will take place one of the main events in the repossession industry calendar – NARS 2012 (The North American Repossessors Summit) Boot Camp and looks to address how to ‘Adapt to Survive in a Changing Industry’.  So you need to SAVE THE DATE – Friday March 23 and Saturday March 24, 2012.  The Summit location is in Irving Texas at the Omni Mandalay Hotel – Las Colinas and the Keynote Speaker is Mike Goins, Head of Deficiency Recovery U.S. at TD Auto Finance. …more…

What a wonderful positive beginning to the month of February – in that we see Ford, GM and Chrysler having bumper increases in their sales performance in 2010 and that has to contribute to the growth of the economy, not to mention to our Repossession Industry.

We also see an increase in  sales by Toyota, Audi, Honda, BMW and if I researched further, I am sure I would find many  more auto companies doing the same.  This has to be good news for everyone.

Although, it is a double-edged sword that we have to deal with.  We all want to see a move forward and our economy  changing for the better, but at the same time, we need those vehicle repossessions too.  It is what it is!

Are we out of the woods?  We shall see is all I will say, as who knows at this point. Watch this space! …more…

We have an exciting February issue of www.theamericanrepossessor.com with the article from Joe Miller, AutoIMS who provides us with a great insight into the repossession industry with a research survey that really is quite telling and truly does echo the work that I have been doing with many repossession companies and what I have found because of it.

Many companies that I begin working with are in similar positions that are illustrated by Joe’s findings and with the development and growth methods, they work to be the profitable, professional companies they are today.

Joe’s research was published initially on www.autoremarketing.com, an online publication  which is the ‘The NewsMagazine for the Used Car Industry’.  You need to read this, it really is good stuff! …more…

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Columns and Features

Banking Industry Continues to Gain Strength as Economy Improves
By Susan Marston

By James Chessen, ABA chief economist  2/28/2012

“Quarter after quarter, the banking industry continues to gain strength. Increasing loans, strong capital levels, sharply declining problem assets and an inflow of deposits mark a steady improvement in our industry’s financial performance.”

Increased Business Lending

“Banks continue to aggressively seek out business borrowers as companies consider expansion in an improving economic environment.  Business lending was particularly strong, rising 13.6 percent compared to the same period a year ago.  Commercial and industrial loans have now increased for six consecutive quarters, a milestone that reflects businesses’ growing optimism.”

Asset Quality and Problem Banks

“Asset quality took a major step forward in the fourth quarter, with problem loans rapidly becoming a thing of the past.  This marks the seventh consecutive quarter that assets in nonaccrual status have declined.  Charge-offs have fallen for eight straight quarters, reaching their lowest level since the first quarter of 2008.  Bank failures have slowed considerably, and the number of problem banks continues to fall.  The FDIC continues to rebuild reserves as banks — which are solely responsible for all the agency’s expenses — paid about $13.5 billion in premiums over the last year.” …more…

St. Paul woman allegedly injures man trying to repossess her car
By Susan Marston

By Emily Gurnon
egurnon@pioneerpress.com
Posted:   02/24/2012 12:01:00 AM CST
Updated:   02/24/2012 10:32:15 PM CST

A St. Paul woman whose car was about to be repossessed ran into the tow truck’s driver, a criminal complaint said.

A witness called police Feb. 17 to report a man on the hood of a vehicle. At Rice Street and Larpenteur Avenue in Maplewood, they found Anthony Dean Miller, who said he repossesses vehicles for Undercover Auto Recovery, according to the complaint filed Thursday in Ramsey County District Court.

Diana Rae Buckles, 39, also known by the last name Anderson, was charged with third-degree assault and terroristic threats.

According to the complaint, Miller located a 1997 Oldsmobile Achieva on his repossession list in the parking lot of the Dollar Store at 1700 Rice St. in Maplewood. He parked behind the Achieva and lowered the tow truck’s lift.

Just then, a blond woman in her 30s ran toward the car and jumped into the driver’s seat. Miller told the woman he was repossessing it when she “suddenly hit the gas and ran into his knee, which forced him to fall onto the hood,” the complaint said. …more…

J.D. Power and LMC Automotive Report: Strength in New-Vehicle Retail Sales is Driving Performance in February
By Susan Marston

WESTLAKE VILLAGE, Calif.: 23 February 2012 — New-vehicle retail sales performance in February has been strong month-to-date, with the selling rate outperforming January’s, according to a monthly sales forecast developed by J.D. Power and Associates Power Information Network® (PIN) and LMC Automotive.

Retail Light-Vehicle Sales
February new-vehicle retail sales are projected to come in at 857,400 units, an increase of 5 percent from February 2011. This represents a seasonally adjusted annualized rate (SAAR) of 12.0 million units, which is more than a million unit increase in the selling rate from January 2012. Retail transactions are the most accurate measurement of true underlying consumer demand for new vehicles. …more…

While Predicting Repo Upswing, Webb Points to Factors Bolstering Recovery Bottom Lines
By Susan Marston

February 21, 2012 | ATLANTA
By Auto Remarketing Staff

Tom Webb, Manheim

While also predicting repossessions should trend upward again, Manheim chief economist Tom Webb explained why lenders didn’t sustain as much of a loss when a loan contract went south during the past two years.

Webb stated that “in those cases in which repossessions did occur in 2010 and 2011, lenders experienced a significant reduction in the severity of loss. This reflected the strength of wholesale used vehicle prices, more conservative loan-to-value ratios in the underlying contract, and the general aging of portfolios.” …more…

U.S. Consumers Hold On to New Vehicles Nearly Six Years, An All-time High
By Susan Marston

Weak economy, increased vehicle durability both factors, says Polk

Tuesday, February 21, 2012

SOUTHFIELD, Mich. (Feb. 21, 2012) – Based on an analysis of U.S. vehicle registrations by Polk, a leading global market intelligence firm, the average length of ownership of vehicles that were purchased new has risen to a record 71.4 months, or nearly six years (see Table A). For consumers who purchased used vehicles, the average length of ownership is nearly 49.9 months. Combined, new and used vehicle owners are holding on to their vehicles for an average 57 months. For new and used owners combined, the length of vehicle ownership among U.S. consumers has increased 23 percent since the third quarter of 2008, coinciding with the economic downturn. …more…

NARS 2012 Is Close To Selling Out!
By Susan Marston

NARS 2012 is just around the corner!  Have you reserved your place yet?

The sponsorship and exhibitor opportunities have sold out and registration numbers continue to rise every day.  Register to attend NARS 2012 on March 23-24 before it sells out.  Don’t be one of those people that had to be turned away at the door last last year because NARS 2011 sold out too!

For the first time in industry history, industry speakers from TFA, NFA, AFA and ARA, along with RSIG will present on a panel together, Friday March 23 (recovery agents only) and Saturday March 24.  This will be a great opportunity to hear these participating leaders to discuss issues and important topics that impact the recovery and lending industry. …more…

YOU CAN RUN BUT YOU CAN’T HIDE! Woman suspected of stabbing repo man jailed
By Susan Marston

Caught!

It looks like Law Enforcement ‘caught their woman’!  For more details see: www.sbsun.com link.

…more…

Texas Attorney General’s Office Steps in as Consumers Complain about Santander Consumer USA
By Susan Marston

2/13/2012  Dallas, Texas

Texas Attorney General’s Office Steps in as Consumers Complain about Santander Consumer USA and investigate their business practices.

FOR MORE DETAILS go to http://www.myfoxdfw.com/dpp/news/investigative/consumers-complain-about-santander-consumer-usa-021312

CAN YOU HELP? Deputies seek woman in Cedar Glen repo man stabbing
By Susan Marston

News Article by Mike Cruz – The (San Bernardino County) Sun

CEDAR GLEN — 2/13/2012 Sheriff’s deputies on Monday were searching for a woman who allegedly stabbed a repossession agent five times as he tried to retrieve a reported stolen car in Cedar Glen.

Deputies asked for the public’s help to locate Christina Johnson, 47, who is suspected of stabbing the unidentified repo agent at noon Friday at a post office near Hook Creek Road and Highway 173, according to a sheriff’s news release.

Johnson is described as black, 5 feet 3 inches tall, weighing 190 pounds and having shoulder-length black hair with blond highlights.

Deputies say Johnson fled in a black, four-door, 2008 Subaru Impreza with rear-end damage and having the license plate No. 6JTR982.

The male repossession agent tried to retrieve Johnson’s car after she allegedly bought it using fraudulent information. The man was an agent working for the dealer, deputies said.

Johnson reportedly refused to give back the car. Deputies say she got a knife from the car and stabbed the man several times in the back, wrist and arm.

Read more: http://www.sbsun.com/breakingnews/ci_19954032#ixzz1mPJMMOXv

Do You Want To Read This Headline About Your Repossession Company? “ FAMILY ENDURES A TWO-WEEK REPO NIGHTMARE”?
By Susan Marston

WHY CONTINUOUS COMMUNICATION BETWEEN LENDER AND REPOSSESSION COMPANY IS VITAL!

“The problem with communication is the illusion that is has occurred”. GEORGE BERNARD SHAW

Constant communication and relationship-building between Lender and Repossession Company is crucial to the success of the act of repossessing any vehicle, particularly as it is often a harrowing experience for the debtor.  He or she is already enduring life’s challenges, and to add to that, they are now  in the repossession process.

Communication between Lender and Repossession Company is imperative, but even more vital is the communication between Repossession Company and the Repossession Field Agent.  This triangle of communication and interaction should be kept up-to-date to minimize errors and with today’s technology, these should be virtually non-existent. …more…

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