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NFA Remembers Repo Legend Barnes
January 24, 2012 | BALTIMORE By Auto Remarketing Staff Jack Barnes National Finance Adjusters leadership confirmed the man who literally wrote the book about how the repossession industry should operate tragically passed away recently. NFA executive director Joan Hudson said Jack Barnes died last Monday on an ATV at his Oklahoma home when an apparent medical emergency ... Continue »New Recovery Industry Facilitation Organization Aims to Preserve and Protect Lending Institutions’ Brand
American Recovery Association’s New Member-Owned Company Sets New Benchmark and Standards for the Recovery Industry DALLAS, Jan. 25, 2012 – American Recovery Association, Inc. (ARA), the world’s largest association of recovery and remarketing professionals, today announced the creation of ARMS (American Recovery Management Solutions), a member-owned contract and billing... Continue »BANK ECONOMISTS SEE GRADUAL IMPROVEMENT IN U.S. ECONOMY
1/12/2012 WASHINGTON - The U.S. economy will continue on a course of moderate growth with relatively low inflation and steady job growth in 2012, according to the forecast from the Economic Advisory Committee of the American Bankers Association. According to the committee, which includes 11 chief economists from the largest banks across the country, inflation-adjusted GDP growth rose to an... Continue »NADA: Top 3 Factors Why New Car Sales Will Increase in 2012
NADA economist predicts more than 13.9 million new car sales in 2012 Paul Taylor McLEAN, Va. (Jan. 5, 2012) – As the U.S. economy continues to improve this year, Paul Taylor, chief economist of the National Automobile Dealers Association, predicts more than 13.9 million new cars and light trucks will be purchased or leased in 2012. Taylor, who is forecasting sales of... Continue »Are Your Dealership Customers on the Federal “Bad Guy” List? By Tom Hudson
You’d be amazed at the stuff that crosses my desk. Here’s a recent example: “A Mt. Juliet car dealership has been shut down on suspicion that it has ties to a terrorist organization. A lawsuit was filed by the U.S. government against a group of overseas banks Dec. 15 in U.S. District Court in New York. It names Cedar Exports & Auto Sales at 7925 Eastgate Blvd. as part of a... Continue »Altes Spots Potential Pitfalls of Voluntary Repossessions
1/3/2012 Veteran repossessor and Time Finance Adjusters executive Patrick Altes believes there has been an industry myth circulating for years about how voluntary repossessions are expected to unfold easier for both agents and lenders. However, Altes takes a cautious approach about voluntary repossessions saying, “The reality is that the chances of finding the easy,... Continue »REPOSSESSION…..ANOTHER SHOOTING……A SWAT TEAM…!! WHAT IN THE WORLD IS GOING ON?
Nearing the end of the year and the repossession industry hits the headlines yet again, with senseless violence and for what? For a piece of metal! Yesterday – 30 December 2011, when I was reading the news online I came across a headline that made me wonder if the repossession industry or the act of repossessing is becoming a Hollywood storyline and one that you would be surreal to most... Continue »Industry watchdog probing vehicle repossessions from fraud victims
By Trevor Wilhelm, Postmedia News/Windsor Star December 20, 2011 WINDSOR, Ont. — A watchdog for Ontario car dealers has asked a finance company to explain itself after it repossessed cars from alleged fraud victims. The vehicle repossessions are related to a fraud and forgery case involving Big 3 Pre-Owned Auto Sales and Five Diamond Motors in Windsor, Ont. "We have reached out to... Continue »The Interesting Journey of the Relliance Repossession/Recovery Cooperative – Part 1 By Darren Frame, Executive Director – Relliance, Inc.
The following is the first in a multi-part series describing the background and series of events that lead to the formation of the new “really big thing” in the repossession industry, the Relliance cooperative. Over this series of articles there will be the opportunity to understand the idea to start the cooperative, why the concept has met with great enthusiasm and some dissension,... Continue »Experian Looks at Reasons for Low Repo Volume
December 12, 2011 | SCHAUMBURG, Ill. By Staff Writer Nick Zulovich - Auto Remarketing With wholesale used-vehicle prices still strong, observers recently asked Experian Automotive’s director of automotive credit why repossession volumes are softening, not strengthening. After pausing for a moment during a recent Webinar, Melinda Zabritski acknowledged lofty wholesale prices... Continue »Recovery Compliance Solutions to Verify Windsor Equity Group’s Recovery Agents
12 December 2011, St. Louis By Auto Remarketing Staff Recovery Compliance Solutions, a provider of repossession compliance monitoring, recently partnered with Windsor Equity Group to manage and verify its recovery agents’ information, insurance, licensing and contracts to ensure they remain compliant with state and local requirements. Additionally, Recovery Compliance Solutions is... Continue »Upping the Ante?
It isn’t unusual for plaintiffs’ lawyers to sue dealers and finance companies on a number of different theories in the same lawsuit. The separate claims, or as the lawyers say, causes of action, are usually set forth in separate “counts.” Count 1 might be for violating the federal Truth in Lending Act, while Count 2 might claim a violation of a state retail installment sales act, and... Continue »Latest analysis shows 21.87 percent of new vehicle loans went to nonprime, subprime and deep subprime customers
Subprime automotive loans increase in Q3 2011, according to Experian Automotive Latest analysis shows 21.87 percent of new vehicle loans went to nonprime, subprime and deep subprime customers Schaumburg, Ill., Dec. 1, 2011 — Experian Automotive today announced that lenders are increasing loans to credit-challenged customers. According to its quarterly automotive credit analysis, 21.87 ... Continue »Re3 Brings Lenders, Repo and Recovery Professionals Together to Address Industry Concerns
November 17, 2011 | LAS VEGAS By Auto Group Editor Jennifer Reed The inaugural Re3 conference on Wednesday served as a platform for lender executives, repossession and recovery agents, as well as attorneys, to come together to discuss the industry’s challenges. Mike Goins, head of loss recovery at TD Auto Finance, who served on the “The State of the Industry” panel... Continue »Relliance Aims to Be Forwarding Company That Benefits Lenders and Repo Agents
November 14, 2011 | SCOTTSDALE, Ariz. By Auto Remarketing Staff www.autoremarketing.com A new full-service recovery and remarketing company is aiming to take the positive elements of repo forwarding and create an outlet that benefits both lenders and repossession agencies. Relliance describes itself as a cooperative-based company designed to provide a fresh and... Continue »RSIG Veteran’s Day Certification Course Special Offer
The men and women of the military train hard and have a strong commitment to education. In honor of them and their service to our country and freedoms, we are having a Veteran's Day Special for the certification course that strives to train and educate the members of the repossession industry. From Wednesday Nov. 9th thru Monday Nov. 14th use the code 1AA20 and receive a $50 discount off... Continue »SO YOU HAVE STARTED YOUR REPOSSESSION COMPANY….NOW WHAT?
Starting a company is virtually a 24/7 job and many business owners are concentrated on the daily business that they don’t have the time to focus on the development and growth of their business. Do you have a business plan in place to move your business forward? A business plan is like a road map – it helps you to move your company from location A to location B and when you arrive... Continue »4th Annual North American Repossessors Summit Returns with a New, Insightful Program
Summit Prepares Participants to Adapt to Survive in the Changing Industry Dallas, TX – November 1, 2011, American Recovery Association, Inc. (ARA), the world’s largest association of recovery and remarketing professionals, is excited to announce its premier fourth annual industry event, the North American Repossessors Summit (NARS), is open for registration. NARS is the leading event... Continue »Ford Fund Sends World War II Veterans to Visit World War II Memorial in D.C.
Ford Motor Company Fund is sponsoring two flights for World War II veterans to visit the National World War II Memorial in Washington, D.C. The first of two flights will transport Michigan World War II veterans on Nov. 4 Ford has provided more than $6 million in support of veterans since 1974 Ford Motor Company President and CEO Alan Mulally Greets WWII veteran Richard Melcher... Continue »Auto Finance Companies Significantly Originating More Loans than Banks and Credit Unions in Today’s Economy
ATLANTA, Nov. 2, 2011 /PRNewswire/ -- Auto finance companies have significantly increased lending by more than 47% over the past two years, according to the latest Equifax National Credit Trends Report. Auto finance lenders have outpaced bank and credit union lending to subprime borrowers* over the past 2 years as well. According to the most recent monthly report, there were 854,800... Continue »4th Annual North American Repossessors Summit Returns with a New, Insightful Program
Summit Prepares Participants to Adapt to Survive in the Changing Industry Dallas, TX – November 1, 2011, American Recovery Association, Inc. (ARA), the world’s largest association of recovery and remarketing professionals, is excited to announce its premier fourth annual industry event, the North American Repossessors Summit (NARS), is open for registration. NARS is the leading event... Continue »Ford Credit Earns $350 Million Net Income in Third Quarter of 2011*
DEARBORN, Mich., October 26, 2011 – Ford Motor Credit Company reported net income of $350 million in the third quarter of 2011, a decrease of $147 million from a year earlier. On a pre-tax basis, Ford Credit earned $581 million in the third quarter and $1.9 billion in the first nine months of 2011, compared with $766 million and $2.5 billion in the third quarter and first nine months of... Continue »Santander incorporates new partners in Santander Consumer USA and realizes a capital gain of approximately $1 billion
BOSTON – On October 20, 2011, Santander Holdings USA, Inc. ("SHUSA") and Santander Consumer USA Inc. ("SCUSA"), a majority-owned subsidiary of SHUSA, entered into an investment agreement (the "New Investor Investment Agreement") with Sponsor Auto Finance Holdings Series LP, a Delaware limited partnership ("Auto Finance Holdings"), jointly owned by investment funds affiliated withWarburg... Continue »Are Forwarders The Devil Of Our Industry?
The knee jerk reaction to many in the recovery industry is a resounding YES. However, to lump all Forwarders into the ‘Devil’ category would be like saying all Muslims were responsible for 9/11. It is true that some forwarding companies have caused severe damage to our industry. (I’ll refer to them as the Al-Qaeda Forwarders.) However, not ALL forwarders believe the road to success runs one... Continue »Must See
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