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FORWARDING – A VIEW FROM “BOTH SIDES OF THE TRACKS” – FORWARDING REPOSSESSION ACCOUNTS
We are both a forwarding company and we do work for other forwarding companies. Part One: Forwarding work It is not a difficult concept to forward work to other recovery companies but you do have to do your home work. It is all in communication and that starts with a phone call – not e-mail or faxing. We are members of TFA and the first place we go to is “the official... Continue »NARS 2012 Registration is Now Open!
NARS 2012 Registration is Now Open! Early bird registration is now open for the 4th Annual North American Repossessors Summit (NARS) on March 23–24, 2012 in Dallas, Texas! NARS is the must-attend event in the recovery and remarketing industry and with a limited number of attendance spots available, now is the time to register! Registration fees will increase after December 31,... Continue »Hudson Offers Advice as Attorney General Actions Against Dealers Heat Up
September 29, 2011 | HANOVER, Md. By Staff Writer Nick Zulovich www.autoremarketing.com After seeing the penalty the Washington attorney general levied on an independent dealer last week, attorney Tom Hudson said he's seen an uptick in these cases recently and that the operation “got off relatively lightly.” Hudson stressed dealers can avoid what happened to RGH... Continue »“……Creating A Relationship With A Good Forwarding Company Is Likened To Getting Into The Ark When The Flood Comes…..” by Scott A Jackson, CEO, MVTRAC
When I was asked to write an article in 1,000 words or less, I was asked to write an article about Forwarding and from a Forwarder’s perspective. Needless to say, “Forwarder” has become a dirty-word in Recovery Industry so I frowned a bit, and then decided to accept the request to write an article; But I still wondered, “Can I do it in 1000 words or less? There’s so... Continue »Why the Process of Forwarding Repossessions Must Change by Steve Norwood, CEO, Consolidated Asset Recovery Systems
There is an enormous debate within the world of the repossession industry taking place involving Finance Companies, Repossession Companies and Forwarders. The outcome will impact every aspect of the repossession industry for years to come. The reason for the debate is clear; the traditional model for forwarding repossession assignments is collapsing under its own weight. Years of... Continue »FORWARD(ING) THINKING – ARE WE?
Over the years, I have directly and indirectly worked with numerous Forwarding Companies, so I can provide firsthand experience and supporting comments for this article. Unfortunately, ‘the few are judged by the many’ and with this comment I am eluding to many within the Repossession Industry who think and feel that all Forwarding Companies are alike – they are not! Just as there... Continue »FTC Issues New Report on Gasoline Prices and the Petroleum Industry Crude Oil Prices Continue To Be The Main Driver of Retail Gasoline Prices
The Federal Trade Commission today issued a Bureau of Economics staff report examining trends in the petroleum industry and how they have affected gasoline prices between 2005 and early 2011. It concludes that while a broad range of factors influence the price of gasoline, worldwide crude oil prices continue to be the main driver of what Americans pay at the pump. “This report is part... Continue »TransUnion Report Shows Credit Risk Declining for Sixth Straight Quarter; Driven by Fewer Delinquent Consumers and Lower Debt Levels
CHICAGO, IL--(Marketwire - Aug 29, 2011) - TransUnion's proprietary Credit Risk Index (CRI) declined for the sixth consecutive quarter as consumers continue to pay off their outstanding debt and maintain low delinquency levels on their credit obligations. Compared to one year ago, the 2Q2011 CRI for the U.S. decreased 1.9 percent to 121.22. The Credit Risk Index is benchmarked to... Continue »New vehicle loans for subprime consumers increase by 22.4 percent in Q2 2011,according to Experian Automotive
Average credit scores continue to decrease, and at-risk auto loans drop by $4.1 billion Schaumburg, Ill., Aug. 30, 2011 — Experian Automotive today announced that lenders continued to increase their appetite for risk in Q2 2011, with new vehicle loans for customers with credit outside of prime increasing by 22.4 percent, when compared to the previous year. In Q2 2011, 22.29 percent of... Continue »NRC and CPO Forum to Offer Smart Strategies for Sourcing Pre-Owned
By Auto Remarketing Staff - www.autoremarketing.com Recognizing that dealers are currently facing significant challenges in sourcing inventory in the pre-owned marketplace, both the National Remarketing Conference and the CPO Forum will be focusing on the topic, bringing together top dealers from throughout the country to discuss their strategies and best practices for finding the right... Continue »TFA Sees BHPH Dealers as Growing Source of Consistent Repo Work
August 15, 2011 | OKLAHOMA CITY By Staff Writer Nick Zulovich, Auto Remarketing (www.autoremarketing.com) Ron Brown, Time Finance Adjusters Earlier this year, Time Finance Adjusters conducted its annual convention at the same place and city as the National Alliance of Buy-Here, Pay-Here Dealers Conference. That development wasn’t just a coincidence. TFA executive... Continue »Allied Finance Adjusters Unveils Annual Award Winners
August 15, 2011 | ST. LOUIS By Auto Remarketing Staff - www.autoremarketing.com George Badeen, Allied Finance Adjusters Allied Finance Adjusters handed out a half dozen awards during its annual convention, honoring various categories of repossession achievement. Presented by President George Badeen, this year’s winners included: —Paul J. Leleu Achievement Award:... Continue »Integrate Sustainability Into Your Organizational Structure By Showcasing Your Operations and Storage Facilities
Let’s face facts, the Asset Recovery and Collateral Remarketing Industry has become more complex and most certainly more competitive. As a result, professional recovery managers must ask themselves several questions. For example, how can we maintain our fair market share by retaining existing clients and attracting new clients to insure sustainability and profitability in our recovery... Continue »To “Repossess” or “Retake” – A Spot Delivery Gone South
Two or three years ago, several of our lawyers were batting back and forth an interesting question that dealt with a spot delivery deal that goes south. In our hypothetical transaction, the dealer can’t find financing for the customer and must “unwind” the deal, the customer refuses to cooperate and the car must be repossessed. Under these facts, what law applies to the unwound... Continue »Top TFA Exec Believes Forwarders And Repossessors Can Operate in Harmony Thanks to Increased Demand for Strong Service
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... Continue »FDCPA Claim Not Limited to Cases of Actual Repossession – By Tom Hudson, Partner at Hudson Cook, LLP
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... Continue »MVTRAC/National Creditors Connection, Inc. Alliance
Palatine, IL - June 30, 2011 MVTRAC has formalized a strategic alliance with National Creditors Connection, Inc. [NCCI], a field contact services specialist. As the newest member of the expanding MVTRAC Network, NCCI will assume on-site inspection responsibilities for the leading Recovery Industry ALPR technology provider. NCCI, the nation’s leader in field contact services, specializes in... Continue »Renovo Services Unveils New Corporate Brands
CHICAGO – Renovo Services, LLC, the vehicle transition industry's most efficient single-source solution to the financial services industry, today unveils its new brands and corporate identity. Now each of the companies service offerings have a unique brand and identity. These brands now articulate to lenders that Renovo Services, LLC, can handle any or all of the delinquency... Continue »Plaintiffs’ Lawyers, Deep Pockets and Legal Theories
When a repossession goes bad, a plaintiff’s lawyer will try to use every available legal theory against every available deep pocket. Take a look at this example from a recent case. Tramelle Thompson sued Gateway Financial Services, Inc. and a repossession agency and its employees for violating the Fair Debt Collection Practices Act and Illinois’s repossession statute, for negligence, and... Continue »National Auto Loan Delinquency Rate Hits Lowest Level Since TransUnion Began Monitoring Variable
According to TransUnion's quarterly analysis of trends in the auto industry, the national 60-day auto delinquency rate (the ratio of auto loan borrowers 60 or more days past due) reached its lowest level since TransUnion began tracking the variable in 1999. For the first quarter of 2011, it stood at 0.49 percent. On a national level, auto loan delinquencies fell 17 percent quarter over... Continue »A.T. Kearney’s 15th Annual Automotive Study Indicates U.S. Auto Sales Volumes Will Trend Back to Historical Levels by 2013
Forecasts 13.2 million new units sold in 2011 and 16 million in 2013 Buyers from the 15 million post-recession “newly sub-prime” group could be a $3.2 billion opportunity for original equipment manufacturers Southfield, MI (May 17, 2011) — A newly released study by A.T. Kearney forecasts 13.2 million new autos will be sold in the U.S. this year. The study further anticipates an... Continue »NADA’s Latest Dealership Financial Profile Shows Growth in New-Vehicle Sales, Store Profits
McLEAN, Va. (May 18, 2011) -- First quarter results from NADA's monthly Dealership Financial Profile, which provides a snapshot of the financial condition of the average new-car dealership, portrays an industry well into recovery, says NADA Chief Economist Paul Taylor. Despite challenges such as higher gas prices and generally slow economic growth during the first quarter, total sales at ... Continue »Auctions Jump into Action After Flooding & Tornados
May 12, 2011 | MEMPHIS, Tenn. By Staff Writer Joe Overby www.autoremarketing.com Flooding at Harrisburg Auto Auction In recent weeks, the Deep South has been hit by the two-fisted fury of devastating tornadoes that have ripped apart places like Tuscaloosa, Ala., and rising floodwaters from the Mississippi River that have sunk towns along the Delta, leaving many injured,... Continue »AFSA Recaps Latest FTC Discussion about Consumer Rights Regarding Debt Collection
May 9, 2011 | WASHINGTON, D.C. By Auto Remarketing Staff www.autoremarketing.com Clear direction about whether a repossession agency or lender can contact debtors through some of the latest technology methods such as cell phones or social media remains uncertain, according to the American Financial Services Association. AFSA staff members recently attended a workshop... Continue »Must See
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