The American Repossessor

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

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

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

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…