All the latest news relating to the Repossession/Recovery Industry, national and international.
Boaz police arrest two on meth charges
The Boaz Police Department, with the assistance of the Marshall County Drug Enforcement Unit, arrested a man and woman from Boaz for manufacturing methamphetamine and on other drug charges, Boaz Police Chief Terry Davis said. Lauren Leigh Bright, 25, and Casey Lee Sims, 31, were charged Saturday with manufacturing methamphetamine, unlawful possession of marijuana and... Continue »China’s Auto Industry Embraces Green
Just the Facts: World Expo 2010 in Shanghai showcases cars of the future. A variety of green cars are among those on display. GM and its Chinese partner SAIC share a pavilion that's open to the public. SHANGHAI, China — At the World Expo 2010 in Shanghai, the joint pavilion of General Motors and its Chinese partner Shanghai Automotive Industry Corp (SAIC) is proving to be one... Continue »OPENLANE Selects Experian Automotive to Deliver Two Auction Industry Firsts with AUTOCHECK® Vehicle History Reports
Full, FREE Vehicle History Reports available on 1,000s of wholesale vehicles every day; also, one-click access to view full AutoCheck Vehicle History Reports on OPENLANE.com for other units REDWOOD CITY, Calif., August 23, 2010 – OPENLANE, Inc., a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles, today announced that it has selected... Continue »Greece appoints advisers for bank system
The Greek government has appointed Deutsche Bank, HSBC and Lazard as advisers to evaluate its options in restructuring the debt-hit country's bank system. The finance ministry said on Thursday the state committee on privatisation had named the advisers "to explore and assess the Greek state's strategic options, to valuate its holdings in the banking sector, and to assess the consequences... Continue »Lenders Loosen Car-Loan Criteria
By SHARON TERLEP DETROIT—Lenders are more willing to extend new car loans to buyers with subpar credit scores, a sign that could bode well for the U.S. auto industry because it puts more customers in a position to buy vehicles, according to a study to be released Thursday. Loans to consumers with credit scores considered less than prime accounted for 18.2% of auto loans in the second... Continue »RBZ repossess vehicles
Harare, Zimbabwe, August 22, 2010 – The cash-strapped Reserve Bank of Zimbabwe (RBZ) has started has started repossessing some of the top range vehicles the central bank donated to parastatals and several government departments in the run-up to the 2008 March 29 and the ill-fated June 27 Presidential run off. Various government departments including the army, the notorious Central... Continue »Man Locks Repo Agent in Garage
Park Ridge, Ill. – Like an episode of the cable series “Operation Repo,” a northwest suburban man locked a repossession agent in his garage when the agent tried to take his vehicle last week. Janusz Poziemski, 52, of the 900 block of Oakton Street in Park Ridge faces charges of unlawful restraint and concealment of collateral for allegedly locking the 33-year-old repo man in garage... Continue »Tow truck driver critically injured after vehicle overturns on I-10
A 45-year-old man towing a repossessed car ran off Interstate 10, and his truck overturned Monday morning, critically injuring the driver, Mobile police said. The driver, whose name was not released, was airlifted to the University of South Alabama Medical Center in critical condition after the 11:15 a.m. wreck at the U.S. 90 overpass, spokesman Officer Christopher Levy said. The tow... Continue »Repossessions down 30%, but deal value, contract term on the up
By Irma Venter, Engineering News, South Africa Repossessions in the new vehicle market has decreased 44% month on month from June 2009 to June 2010, says Absa vehicle and asset finance managing executive Sydney Soundy. On average, there has been a 30% decrease in repossessions over the last 12 months as the worst of the recession continues to abate, he adds. Soundy notes, however,... Continue »Shots fired at Cleveland business
By Vanessa Brashier A dispute between a Splendora man and a Cleveland business ended with the man’s arrest after he fired shots at the exterior wall of the business. On Thursday, August 12, Cleveland Police Department responded to a “shots fired” call at USA Transmissions, 500 E. Houston St., in Cleveland. When they arrived, they found a Splendora man, Richard Chris Furlow, 43,... Continue »Blu-Ray Review: ‘Repo Men’ Butchers Attempt at Social Satire
CHICAGO – “Paying homage” and “ripping off” are not the same thing. A picture like Christopher Nolan’s “Inception” gathers fragments of our collective cinematic memories, and places them in an entirely fresh dreamscape of the mind. Miguel Sapochnik’s “Repo Men” assembles pieces of other movies and claims them as its own creation. The film opens like... Continue »Ray City set to repossess state firefighter memorial
Johnna Pinholster The Valdosta Daily Times RAY CITY — City officials plan to repossess a 1963 Ford fire truck that serves as a statewide memorial to Georgia’s fallen firefighters. Months after the City of Ray City Council publicly discussed the ownership of the truck, the possessor of the truck is now facing the possibility of being charged with possession of stolen... Continue »Newton man points gun at workers attempting to repossess his truck
NEWTON — A 56-year-old unemployed Newton man was arrested for allegedly threatening employees of an auto repossessing company who were trying to tow his truck, police said today. Lester Grube threatened the tow truck drivers with a .177 BB handgun while they were looking for the truck in the driveway of Grube’s apartment on Trinity Street, police said. "After explaining to Grube... Continue »GM posts $1.33 billion profit; CEO to step down, saying his job is done
Wayne Heilman, The Gazette DETROIT — General Motors Co. said Thursday it made $1.33 billion in the second quarter, a sign it's getting healthier as it prepares to sell stock to the public. The results were strong enough that CEO Ed Whitacre announced he will step down next month, saying his job was done. It was the second straight quarterly profit for the Detroit automaker, which... Continue »A Sale Of Citigroup’s Subprime Arm Likely Not Imminent
NEW YORK -(Dow Jones)- Despite a revival of interest in consumer lenders, the time likely isn't ripe yet for Citigroup Inc. (C) to sell CitiFinancial, its subprime lending arm. Two deals for big consumer finance companies in the last four weeks signal renewed interest in subprime lending, a business considered toxic only a short while ago. Consumer delinquencies are improving, and... Continue »Net helps buyers avoid rip-offs
By Anna Rushworth, The New Zealand Herald Motorists can check on the internet if a car has money owing on it or is stolen. The internet has become a must use tool for people wanting to avoid being ripped off when buying cars privately. Six websites have found a niche market for motorists checking to see if a vehicle up for sale doesn't have money owing on it, isn't stolen, or ... Continue »Costs of owning a car ease off
By Robert Laing, Times Live, South Africa It costs less to own and run a new car than it did a year ago, writes Robert Laing, and sales are picking up in response New cars are on average 12.5% a month cheaper to own and run than a year ago, vehicle financier WesBank claims. The overall cost of owning and operating an "entry level vehicle" averages R4762 this month, making owning a... Continue »GM posts $1.33 billion profit; CEO to step down, saying his job is done
DETROIT — General Motors Co. said Thursday it made $1.33 billion in the second quarter, a sign it's getting healthier as it prepares to sell stock to the public. The results were strong enough that CEO Ed Whitacre announced he will step down next month, saying his job was done. It was the second straight quarterly profit for the Detroit automaker, which made $865 million in the first... Continue »AmeriCredit Originates Close to $1 Billion in 4Q
By Jennifer Reed, Auto Group Editor FORT WORTH, Texas — Not long after announcing that General Motors is acquiring AmeriCredit in an all-cash transaction valued at about $3.5 billion, the subprime auto lender announced its fiscal fourth-quarter and full-year financial results. The company more than doubled its net income over the same period last year and went from an $11 million net... Continue »Ford gets loan guarantee as Obama visits plant
By Robert Schroeder, MarketWatch WASHINGTON (MarketWatch) -- Ford Motor Co. will get a $250 million loan guarantee from the Export-Import Bank of the United States to finance $3.1 billion of export sales for more than 200,000 vehicles for buyers in Canada and Mexico, the U.S. export credit agency announced Thursday. The exports represent 15% of Ford's ... Continue »Record auto sales in July, costlier loans seen
With a slew of launches in the small-car segment and better availability of financing, auto sales for the month of July this year have set a record at 12,37,261 units, the Society of Indian Automobile Manufacturers Association (SIAM) said on Monday. The previous highest monthly sales stood at 12,26,944 units in March this year. With record sales being posted in July, the industry has... Continue »Why Is GM Buying a Subprime Auto Lender?
In July, we learned that General Motors is purchasing AmeriCredit, a major subprime auto lender. At that time, my colleague Megan McArdle wondered what GM would want with a finance company that caters to borrowers with spotty credit histories. I echoed that curiosity, but explained that subprime auto lending isn't as bad as it sounds. In his New York Times column today, Andrew Ross Sorkin... Continue »Standoff in Tustin approaches eighth hour
An Orange County man angry that his car was being repossessed rammed a tow truck with a vehicle early Wednesday and then barricaded himself inside his home, where he has been locked in a standoff with police for more than seven hours. The suspect appears to be unarmed, Orange County sheriff's spokesman Jim Amormino said, but he is considered a threat because he has a criminal history.... Continue »Geely family takes over Volvo, unfolds production agenda
GEELY, a prominent automobile firm with global head office in China, has completed its purchase of Ford Motor Company‘s Volvo unit, marking China‘s biggest acquisition of a foreign carmaker and reflecting the nation‘s rapid rise in the auto world. Zhejiang Geely, parent of Hong Kong-listed Geely Automobile, said on Monday that it paid $1.3 billion in cash and issued a $200 million... Continue »Must See
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