Recovery Challenges in a Post-Pandemic World

Recovery Challenges in Post Pandemic

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…

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Repossessions and Bankruptcy: What the Fulton decision means for turnover

Repossession and Bankruptcy

  Written by: Rudy Cerone at McGlinchey Original Source: https://www.autofinancenews.net/allposts/auto-finance-excellence/compliance/repossessions-and-bankruptcy-what-the-fulton-decision-means-for-turnover/   The February Supreme Court decision in City of Chicago v. Fulton was widely celebrated in the lending community because the court found that a lender who repossesses a vehicle before a borrower files for bankruptcy is not in violation of the “exercise control” provision of the Bankruptcy…

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Repossession Compliance & the Biden Administration: What Can We Expect?

repo compliance biden administration

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…

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Remarketing Repossessions: Speed and Technology Makes a Difference

remarketing repossessions

      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…

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The Growing Concern Surrounding Redemption Takebacks

redemption takebacks

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…

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Are Your Repossession Agents Properly Insured?

Repo Agent Insurance

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…

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Repossessing Collateral? Know Your Repossession Agent

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…

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Video: Key Challenges for Repossession Agents | Agent Panel Discussion

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…

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Post COVID Collateral Recovery Will Pose Challenges

post covid 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…

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Industry Survey Results on Repossession Moratorium

repo moratorium survey

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.…

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