Insights Articles
Are Your Repossession Agents Properly Insured?
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…
Read MoreRepossessing Collateral? Know Your Repossession Agent
Source: https://www.equipmentfa.com/blogs/31333/repossessing-collateral-know-your-repossession-agent Anytime you must repossess collateral, the lender assumes meaningful risk. Involuntary repossession, by definition, is often a hostile situation that can lead to a host of problems. Given that courts have found repeatedly that lenders are responsible for the acts of their sub-contractors, it is critical that your organization ensures that repossession…
Read MoreVideo: Key Challenges for Repossession Agents | Agent Panel Discussion
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…
Read MorePost COVID Collateral Recovery Will Pose Challenges
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…
Read MoreIndustry Survey Results on Repossession Moratorium
Recently, we sent out an email asking for participation in a survey surrounding post COVID-19 lender repossession activity. The results are in and we want to share it with you. Below you can find the questions and answers from the survey as well as the opportunity to download a PDF file of the full results.…
Read MoreEffective Impound Management Strategies
An impounded vehicle is a ticking time bomb. From the moment the vehicle is towed into an impound yard until the moment it is recovered, the clock is ticking. And with every passing second, more money is being lost and more headaches are being created. The fractured nature of the impound industry, from tax notifications…
Read MorePart I of recovery commentary: Skip-tracing strategy and measuring value
Author: Joel Kennedy, NAF Association Source: SubPrime Auto Finance News Editor’s note: This commentary is the first in a series compiled by Joel Kennedy, who is the current president of the National Automotive Finance Association and Chief Operating Officer at TruDecision, looking at the intricacies of repossessions and recovery. The industry that locates borrowers and…
Read MoreFrom the editor: A crisis facing repossession agents
Article from: SubPrime Written by: Nick Zulovich DALLAS – While the overall automotive industry might be relatively healthy, no doubt there are dealerships struggling with aged inventory, auctions stressed to keep commercial consignors satisfied and finance companies wringing their hands over compressed margins and wavering portfolio performances. But if you would please indulge me…
Read MoreImproving Financial Results From Impound Recovery
Effective management of impound repossessions is challenging. Impound yard operators are notorious for being difficult and, in many cases, unscrupulous operators. The entire process consists of several unconnected parts and requires specialized expertise to handle effectively. If not handled properly, the process can be extremely expensive, or even worse, can result in the loss of your…
Read MoreLPR Management – The Key to Faster Auto Repossessions
If you ask a handful of repossession managers about their top goals, it would be recovering more cars, lowering the average days to repossession, speeding up vehicle auction sales, and reducing overall costs. Outside of remaining compliance, most repossession and loss mitigation managers are focused on these metrics. There are many ways to accomplish these…
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