Archive for December 2018
Coming Unhooked: The Growing Disconnect Between Lenders and Repo Agents
Author: Marcie Belles Source: Auto Finance News With auto loan delinquency rates rising, it would seem to be a good time to be a repossessor. But that’s not the case. Tow truck and vehicle insurance prices are climbing; license, bond, and other compliance-related costs are increasing; technology spending — to boost internal efficiencies and…
Read MorePROS AND CONS: Personal Property and Redemption Fee Models Used in Auto Repossession Management
One of the hottest compliance topics in the industry over the past year is the handling of personal property and redemption fees. CFPB’s concerns over treatment of customers has resulted in significant changes by most lenders. Auto lenders have changed their approach to handling personal property and redemption fees to one of the emerging five…
Read MoreAuto Repossession: Personal Property & Redemption Infographic
We surveyed over 100 auto lenders in regards to their personal property and redemption techniques. Take a look at the data we’ve gathered. 40% of lenders follow a fee model of which it’s set by the agent and collected by the agent 20% of lenders don’t allow personal property and redemption fees 15% of lenders…
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