All the latest news relating to the Repossession/Recovery Industry, national and international.
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Latest News [ 22 ]
- Vehicle repossession goes wrong in Elk River
- F&I managers will see more lenders putting electronic tethers on loan payments by Donna Harris
- What Do Lenders Value Most from Repo Partners? By Joe Miller, AutoIMS from Auto Remarketing
- Man shoots himself in arm after fighting with repo man
- Repo Man Injured By Driver In Fairborn
- Repossessor advises banks against reclaiming aircraft by Mark Huber
- Consumers Can Now Select Special Chrysler Incentives – from AutoRemarketing
- Direct, Indirect Auto Loan Delinquencies Improve – from AutoRemarketing
- “Repo-Madness” – New Report Is a Must-Read
- ‘Repo-man’ alibi didn’t fool Duke City residents
- Scammers using Web to rip off car buyers
- GM acquisition of AmeriCredit Corp for 3.5bn seen as a big mistake
- One Ugly Auto Dealer Trick Down, The Rest? Status Quo
- Russia plans auto loan-backed bond as car sales surge
- Chrysler Financial may lend big again
- The Bailout, One Year Later: Where Are They Now?
- Summerville woman charged with attempted murder of repo man
- Tow Truck War Erupts in Philadelphia After Driver Allegedly Shoots Towing Rival
- Former college dean has car repossessed during trial
- Nod for car repossession without court order
- Alpena man mulling plea deal in felonious assault case involving repo man
- More private planes repossessed
Columns and Features [ 5 ]
Other [ 1 ]
Technology [ 2 ]
Repossessed cars, homes on the rise
For the ninth consecutive quarter, loan defaults continued to rise, which means the number of repossessed vehicles and homes also rose, according to the American Bankers Association. Consumers often can buy these cars or homes at reduced prices. Most auto auction companies that advertise repossessed cars, including Gregg County Auto Auction and the Insurance Auto Auction in Longview, sell... Continue »Sagging Economy Keeps Repo Man Busy
Americans have heard a lot of forecasts lately about the sagging economy, but there's one measure of the economy that's almost never wrong -- the repossession business. For the repo man, business is very good these... Continue »Re-po agents say business is booming
A bad economy is a boom for the re-po man. Shannon Hoeffler says business is up 75 percent in the last three months at his repossession business in De Pere. That’s because more people have defaulted on their car loans after they lost their jobs. Experts say vehicle repossessions will rise 5 percent this... Continue »Repossession agents in demand as more vehicle owners default on loans
In his job as a repossession agent, Shannon Hoeffler can see how the economic slump is hitting Americans. Hoeffler runs Road Rangers Transport and Recovery in De Pere and is called in when people fall behind on payments for cars, trucks and farm equipment. Analysts expect vehicle repossessions to rise 5 percent this year... Continue »‘Vehicle repossessions at highest level’
WesBank's repossession numbers have reached their highest levels in recent times, the vehicle and asset finance company said on Wednesday. However, these levels were still lower than the percentage of the bank's book being taken back in... Continue »‘Millionaire’ guru resurfaces in Dubai
A self-proclaimed millionaire motivational guru whose Ferrari sportscar was repossessed in New Zealand is now promoting himself as a "mind nutrition expert" in interviews with Middle Eastern media. Kevin Abdulrahman is pictured sitting on the bonnet of the Ferrari 360 Modena on his website, which describes the 28-year-old as an "an icon, an international author, an entrepreneur, a generous... Continue »New Indiana Law Requires “Motor Vehicles Repossession Agent” to Furnish Sheriff with Certain Information in Connection with Repossession of a Motor Vehicle or Watercraft
Secured lenders should take note that, effective July 1, 2009, a new Indiana law (Senate Bill 174, enacted as IC 26-2-10) requires a "motor vehicle repossession agent" who intends to repossess, or has repossessed, a "motor vehicle" or watercraft to provide certain information to the Sheriff of the Indiana county in which the motor vehicle or watercraft is believed to be located (if not yet... Continue »Lil’ Kim and Storch reunited?
LIL’ KIM and troubled hip-hop producer SCOTT STORCH have reportedly patched up their differences after a luxury car he gave the rapper was... Continue »Man charged after alleged fight with ‘repo man’
NEW HARTFORD — Anthony Feccaro, 67, 1480 Litchfield Turnpike, was arrested and charged with third-degree assault, second-degree breach of peace and third-degree criminal mischief, after assaulting an employee of a tow truck company who arrived at his house to repossesses his truck Monday at 2:20 p.m. Feccaro struck an operator of the tow truck and damaged his vehicle in the process. Feccaro was... Continue »Auto repossession: a sign of the times
TUMWATER – Officials at O Bee Credit Union, in Olympia, find themselves selling used cars, a consequence of South Sound’s slower economy. Over the past year, O Bee has seen an increase in repossessed vehicles, including some owners voluntarily returning their cars to the credit union because they are unable to make the payments, Bruce Cramer, president and chief executive of the... Continue »Its tough to be a lender
1. When a repossession takes place the collectors are (in essence) giving up on their efforts to make a loan pay off and in their defeat the portfolio takes a loss of several thousands of dollars per vehicle repossessed. 2. Generally lending institutions never want to repossess because the items sold at a wholesale auction and were financed at retail price, hence, a loss is virtually... Continue »How to cash in on your old gas guzzler
WASHINGTON - Got an old gas guzzler in the garage? Car shoppers can take advantage of new government incentives worth $3,500 to $4,500. Owners can scrap their clunker in exchange for a new, more fuel-efficient vehicle, and lop off thousands of dollars from the sticker price. Congress approved the "Car Allowance Rebate System," or "CARS," program last month to boost auto sales and attempt to... Continue »Auto Repossession Data Indicates Healthier Consumer
As Ontario auto industry consultant Dennis DesRosiers once noted: “Americans, from an attitudinal point of view, believe it’s their God-given right to own as much vehicle as they possibly can.” Problem is, those car buyers don’t have nearly as much equity as they used to. And over the past year, that “right” handed down from heaven smacked squarely into financial reality. So... Continue »Car repossessions in the San Gabriel Valley on the rise
Tow companies, repossession services and police departments say vehicle repossessions are up about 50 percent over the past several months in the San Gabriel Valley. "It's pretty much doubled," said Susan Dunken of Jan's Towing. "We're just under the presumption it's the economy; it's a sad sign of where our economy is truly at." The company, which has offices in Azusa and Glendora, sees... Continue »Bounty Hunter Faces Legal Charges Individual Could Lose License If Convicted
FAIRWAY, Kan. -- A man helping to repossess a car is accused of roughing up the teen driver. But police say the car wasn’t the right one to begin with. KCTV5’s Matt Stewart caught up with Michael Knight outside of the Clay County, Mo., courthouse on Thursday and tried to get him to talk about a night in May when he helped a friend repossess a car in Excelsior Springs, Mo.“You’ll have... Continue »Woman crashes car to avoid repossession
What do you do when you're behind on your car payments?Danielle Olsen, a 23-year-old unemployed Daytona Beach resident, called 9-1-1 early Tuesday morning in a distraught-sounding voice and said her car had just been taken at gunpoint. But sheriff's officials said it wasn't true. The young woman sent her own car flying into a ditch on 10th Street in Holly Hill because she did not want the... Continue »“Stolen” truck was repossessed
An Olmsted Falls trucker who thought someone stole his dump truck when he stopped to get gasoline later discovered it had been repossessed. Donald Johnson, 56, stopped to get gas at 10:51 a.m. Tuesday at the Meijer station, 4702 Milan Road, according to a Perkins police report. He went in to pay and when he returned, his 2002 Kenworth was gone. Johnson had fallen behind on his payments, and... Continue »Council discusses repossession companies during public hearing
The Leeds City Council held a public hearing on Monday night to discuss a zoning ordinance regarding automobile repossession companies. The council discussed issues such as how long vehicles would be allowed on the premises and how they are exposed to the general public. The ordinance describes those companies as “An establishment including office and outdoor vehicle storage area, which... Continue »Mandelson visits Vauxhall amid GM bid talks
Lord Mandelson, the Business Secretary, will visit Vauxhall‘s Ellesmere Port factory today as speculation over the future of the carmaker's 5,000 workers intensifies. Lord Mandelson will meet union officials, managers and local MPs to update them on discussions the Government is having with the bidders for General Motors (GM) Europe, owner of Vauxhall and Germany's Opel. Three... Continue »The $1,600 repo and other affronts
Every now and then you hear a story about somebody who's been taken advantage of, and they don't deserve it at all. It almost makes your blood boil, you know? That is the situation with a case we'll call "Cuc Cao, the Hyundai and the $1,600 repo job." But before we get into that, let me tell you a little bit about Cuc Cao. She's a tiny, soft-spoken, modest woman of 59 with graying hair... Continue »Re-po man attempts to collect already paid-for car, maces objector
A man claims an employee of an automobile repossession company sprayed him with mace in the face after the employee allegedly attempted to repossess a car that was paid in full. Rick L. Seibold filed a lawsuit July 6 in St. Clair County Circuit Court against Image Recovery Service and Brad M. Laugh. Rick Seibold claims he was visiting his parents at their 41 Athlone Dr. home in Caseyville... Continue »Lutz Says G.M. Will Be Run ‘Like a Private Company’
Robert A. Lutz has been back at General Motors for only two working days, but he’s already revived the discussion over how G.M. will be run under its new owners. Speaking Monday on The Takeaway on WNYC-FM, Mr. Lutz said that while the American government was G.M.’s majority owner and paid its way through bankruptcy, it would take a hands-off approach. “The government has appointed... Continue »Nissan expects tough African market in ’09
Total new vehicle sales in sub-Saharan Africa, excluding South Africa, were expected to decline by from 20% to 25% this year, said Nissan Africa regional office GM Jimmy Dando on Wednesday. Nissan expected to see sales of its vehicles in the region drop by around 20% in the financial year ending March 2010, to reach 23 000 units. Dando said things were still looking up in December last... Continue »With good assets sold, ‘New GM’ exits bankruptcy
A new General Motors emerged from bankruptcy protection on Friday - far more quickly than most industry-watchers had expected - as a leaner automaker pledging to win back American consumers and pay back taxpayers. A whirlwind 40-day bankruptcy for GM concluded with the closing of a deal that sold key operations to a new company that is majority-owned by the US Treasury. The closing... Continue »Must See
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