The American Repossessor

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

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GM Statement Regarding Proposed CAFE Rule for 2017-2025

Ford CEO Joins Industry, Government Leaders for Fuel Economy Standards Framework

Credit Cycle Turns with New Credit Growth – Equifax Subprime Lending Grows for Cards, Cars, Consumer Finance

J.D. Power and Associates Reports: Dealer Satisfaction with Lenders Increases from 2010, Led by Improvement by Banks

Demystifying the art of the deal

GM FINANCIAL TO WEBCAST CONFERENCE CALL ON SECOND QUARTER OPERATING RESULTS

Credit Cycle Turns with New Credit Growth – Equifax Subprime Lending Grows for Cards, Cars, Consumer Finance

Treasury Department announces plans for leadership transition at the Consumer Financial Protection Bureau

J.D. Power and Associates Reports: July New-Vehicle Retail Sales Improve, But Remain Below Previous Recovery Pace

Experian Automotive extends the way vehicle history information is used in the lending market

CiTI’s Consumer Finance Unit Completes Rebranding to ONEMAIN Financial

Ally Financial Announces Expiration and Results of Registered Exchange Offer

Capital One Bank Introduces Groundbreaking High Interest Checking Account for Small Business Owners

New York City Approves Ford Transit Connect Taxi for Use; Versatile Cabs to Start Hitting Streets in Late Summer

NISSAN PICKS DECHERD, TENN., PLANT TO MAKE MOTOR ASSEMBLIES FOR U.S.-BUILT ELECTRIC VEHICLES

Consumer Financial Protection Bureau Report Examines Differences Between Credit Scores Consumers and Lenders Receive

Hyundai Ousts Honda, Toyota to Take No. 1 Spot for Brand Loyalty on Kbb.com

GM Invests $328 Million in Flint Assembly Plant

General Motors to Launch First Real-World Smart Grid Pilot

GE Energy Partners with Lowe’s to Provide Electric Vehicle Chargers for Home and Commercial Use

Equifax Announces Earnings Release Date and Conference Call for Second Quarter 2011 Results

Capital One Announces Pricing of $2 Billion Common Stock Offering

Capital One Reports Second Quarter 2011 Net Income of $911 Million, or $1.97 Per Share

Edmunds.com Recommends Ways to Minimize Car Registration Hassles at the DMV

BMW Group sales reach all-time high in the month of June

Chevrolet Volt Owners Saving Big at the Pump

GM Offers Auto Insurance as Standard Feature in Oregon and Washington

Central Ohio Used Car Dealer Sued for Consumer Protection Violations

Second FTC Roundtable to Discuss Motor Vehicle Sales and Financing Issues; Focus on Military Consumers, Financial Literacy, and Fair Lending

Westlake Announces Major Partnership with Marubeni

Volkswagen Of America Increases June Sales 35% Over Prior Year

American Honda Reports June Sales

Ford Helps Prevent Fuel Theft as Reports of Illegal Gas Siphoning Increase Along with Price at the Pump

GM June U.S. Sales Improve 11 Percent on Strong Retail Demand for Fuel-Efficient Vehicles 2011-07-01

Toyota Reports June and First-Half Sales

Carfinco Wins Major Servicing Contract

Change in Base Rate and Prime Lending Rate

Vehicle repossession goes wrong in Elk River

More private planes repossessed

Alpena man mulling plea deal in felonious assault case involving repo man

Nod for car repossession without court order

Former college dean has car repossessed during trial

Tow Truck War Erupts in Philadelphia After Driver Allegedly Shoots Towing Rival

Summerville woman charged with attempted murder of repo man

GM acquisition of AmeriCredit Corp for 3.5bn seen as a big mistake

The Bailout, One Year Later: Where Are They Now?

Chrysler Financial may lend big again

Russia plans auto loan-backed bond as car sales surge

One Ugly Auto Dealer Trick Down, The Rest? Status Quo

Man shoots himself in arm after fighting with repo man

Scammers using Web to rip off car buyers

‘Repo-man’ alibi didn’t fool Duke City residents

What Do Lenders Value Most from Repo Partners? By Joe Miller, AutoIMS from Auto Remarketing

“Repo-Madness” – New Report Is a Must-Read

Direct, Indirect Auto Loan Delinquencies Improve – from AutoRemarketing

Consumers Can Now Select Special Chrysler Incentives – from AutoRemarketing

Repo Man Injured By Driver In Fairborn

F&I managers will see more lenders putting electronic tethers on loan payments by Donna Harris

Repossessor advises banks against reclaiming aircraft by Mark Huber

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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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Leading Online Remarketing Company Sees 250% Growth in Repossessed Vehicle Sales since January 2011

Recovery Agents and Lenders Experience Increased Sales via Partnership with OPENLANE
REDWOOD CITY, Calif., July 26, 2011 – OPENLANE, Inc., a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles, experienced a 250 percent growth in repossessed vehicle sales and a 75 percent sell-through rate in its recovery remarketing program since January 2011.
OPENLANE has seen a 94 percent increase of recovery companies registered to support sales for their financial lender clients since January of this year with 83 percent of the registered recovery companies having sold at least one car on OPENLANE. There are now close to 300 recovery companies registered with OPENLANE. With OPENLANE’s recovery partnership program, recovery companies have been able to provide a new set of services for their clients and increase their repossessed vehicle sales in a new and innovative way. Read the rest of this »

….”Creating jobs in the automobile industry will provide our recovery profession with sustainability in the foreseeable future….” By Bob Stankovitch Jr, President of Peak Services Corporation in New Jersey.

Most of us in the collateral recovery business, rode at the top of our wave  in 2009,  with high volume of client accounts and large improvement in gains of revenue.  That wave hit the beach in 2011, leaving most of us wondering where do we go from here?

An adverse economy, the real estate bubble debacle, high fuel prices and an unusually high national unemployment rate, have all contributed and stimulated this wave.  Unfortunately these external influences that cannot be controlled by any one person has inflicted severe losses on banks, credit unions and other lenders.

As a result, the lending community was forced to tighten credit standards thereby severely restricting loans in general and, automobile loans in particular.  Sub Prime borrowers, could forget about obtaining a car or boat loan. Read the rest of this »

Recovery Industry Veteran Uses Online Remarketing To Gain Greater Efficiency, Reduce Costs and Increase Revenue

When it comes to recovering vehicles, no one likes to have to wait too long for the cars to be resold.  For lenders, waiting means extra depreciation time; for recovery agents, it means longer time to sale and receipt of payment. Remarketing repossessions can be a tricky business and can vary in length from a couple of days to a couple of months. And if you’re like Bob Stankovitch from Peak Service Corporation and have to move the vehicle each time you try to sell it at a physical auction, the process can take even longer. 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

WISHING ALL READERS,  A VERY HAPPY 4TH JULY.

To celebrate, we have listed numerous famous quotations that relate to Independence Day, in remembrance  of many that go before us, that left us with a ‘hard acts to follow’.  These include some of the Founding Fathers.

“We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the Pursuit of Happiness”.  The Declaration of Independence, 4 July, 1776

“That’s why I stand here tonight. Because for 230 years, at each moment when the promise was in jeopardy, ordinary men and women – students and solders, farmers and teachers, nurses and janitors – found the courage to keep it alive”  PRESIDENT BARACK OBAMA, 1961-    , 44TH PRESIDENT OF THE UNITED STATES …more…

How we conduct business, changes daily and to ensure that company owners keep up with those changes, they need to ensure that they have good MANAGEMENT skills in place.  In addition to that you also need good CONTROL skills and COMMUNICATION skills, as without those three business functions, it will be extremely difficult to reach your goals.

Because MANAGEMENT, CONTROL and COMMUNICATION are vital areas in business, I have split them into three individual articles, beginning with MANAGEMENT.  For more information read my column. …more…

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Columns and Features

Top TFA Exec Believes Forwarders And Repossessors Can Operate in Harmony Thanks to Increased Demand for Strong Service
By Susan Marston

July 25, 2011 | OKLAHOMA CITY
By Staff Writer Nick Zulovich  www.autoremarketing.com

Ron Brown, Time Finance Adjusters

Sometimes mixing together veteran repossession agents and forwarding companies can create a combative situation. But that’s not the approach Time Finance Adjusters’ executive director takes.

In fact, Ron Brown told Auto Remarketing that he has “no problem with forwarders. I admire them as a matter of fact.” …more…

FDCPA Claim Not Limited to Cases of Actual Repossession – By Tom Hudson, Partner at Hudson Cook, LLP
By Susan Marston

The Federal Fair Debt Collection Practices Act prohibits threatening to repossess collateral where the creditor does not have a present right to possess the collateral.  Is that prohibition limited to cases where actual repossession occurs?  A May 2010 court opinion addressed that issue.  Here’s what happened.

Cheryl Williams financed a car purchase through GMAC, Inc.  When she defaulted, GMAC hired Republic Recovery Services, Inc., to repossess the car.

In the course of trying to repossess the car, an RRS employee allegedly threatened Williams with arrest and jail if she did not pay, went to her workplace to harass and embarrass her, and told her boss that she had committed fraud. …more…

Fitness on the go!
By Susan Marston

Do you find yourself trapped in a car or cab of a truck wishing you had time for a fitness program? Are you putting on weight as the miles go by? Do you drive by gyms and workout facilities during the day but do not have time or the energy to make it through the doors by closing time? Do you suffer from back pain from sitting and driving all day long?

If you can relate to any of the above there are some things you can do while in the car or by taking short breaks at a rest stop or a parking lot. …more…

MANAGE – Do you do this?
By Susan Marston

There are three key words that I have used throughout my business career – and these words are fundamental to the success of any company, irrespective of business  sector and that includes the repossession industry – MANAGEMENT, CONTROL AND COMMUNICATION.  Any good manager should have the command of each of these business functions if they are to seriously develop and grow their company in a successful manner that meets their goals. …more…

It’s new….it’s innovative….and it works!
By Scott Deckling

Field Agents….the people that are repossession company’s ‘bread and butter’.  You could actually take that a step further, as they are also the ‘bread and butter’ of our client companies too, as without them, there are no repossessions for them either!

Some would say, ‘ you can’t live with them’ and  ’ you can’t live without them’ – and that really is related too, just how well Field Agents are trained.  Respect also plays a vital role in how successful your Field Agents are, because if you don’t respect them, and they don’t respect you, you will not motivate them, which leads to a lack of morale, and that usually means ‘a couldn’t care less’ attitude and not a lot of repossessions.

Our experiences within the repossession industry led to ConnecTGo, Inc. developing and offering a service that is tailor-made to ensure the management, control and training of Field Agents, FAST – Field Agent Supervisor/Training Program. …more…

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