Insights Articles

Emerging from the fear and panic of COVID-19, we find ourselves staring down the red-hot barrel of a post pandemic world. Inflation, material supply shortages and stubborn unemployment issues are present everywhere. The American economy is under strain, but for many in those industries who were struggling long before the scourge of COVID-19, these issues…

President Joe Biden’s nomination of Rohit Copra, as the new Director of the CFPB, may bring new challenges to lenders, forwarders and agents if he is confirmed. All will likely have to navigate through intensifying regulatory challenges, according to Hudson Cook partner Eric Johnson, who described the confluence of factors coming together to create a…

      Source: https://www.monitordaily.com/opinion-posts/remarketing-repossessions-speed-and-technology-makes-a-difference/   Fast, effective recovery and remarketing of equipment tied to defaulted loans can make a huge difference in the net recovery on those loans.  Fortunately, recent advances in recovery technology, valuation methodologies and remarketing through digital platforms are allowing lenders to recover and liquidate assets in record time and, in…

As American Recovery Association (ARA) Executive Director Les McCook summarized the situation of takebacks, “it’s a can of worms.” “For many years, if we picked up a car in Waco, Texas, they moved it to an auto auction in Dallas and people had to go to Dallas to get their car back. It was no…

Source: Monitor Daily       There are few actions that a lender takes that have more potential for legal or damage claims than a vehicle or equipment repossession.  Ensuring that your service providers have the right types and amounts of insurance coverage is critical to managing the risk.  While your contracts may be clear that…

Watch The Video: **For the best video quality and display, watch in full screen mode.   Panel: -Les McCook of American Recovery Association (ARA) -Bryanna Cox of Paradigm Recovery -Mike Pletz of International Recovery Systems (IRS)   Host: -Michael Levison of Resolvion   More repossession agencies are closing their doors every week. In this panel…

When the COVID shutdown began, most lenders issued moratoriums on repossession activity and began issuing payment deferrals to customers on a large scale.  Several states also issued executive orders reducing or eliminating a lender’s ability to enforce their security interests during the crisis.  As a consequence, over 90% of the repossession industry’s revenues vanished within…