Insights Articles
Workers Comp. Coverage – Your Repo Agents Need It Even If the State Says They Don’t
“Repo Man Attacked With a Shovel” “Car Owner Attacks Tow Truck Driver Trying to Repo Vehicle” “In-Car Video Helps in Arrest of Man Who held Agent at Gunpoint” “Pair Accused of Assaulting Repo Agent with Box Cutter” These are just a few of the recent headlines documenting violent attacks on repossession agents in recent…
Read More7 Insurance Requirements for Heavy Equipment Repossession
Proper insurance coverage is critical when it comes to repossessing heavy equipment collateral such as trailers, dozers, trucks, and related vehicles in construction, farming, and transportation. As one of the leading nationwide equipment repossession companies, the suggested coverage and amounts are more than sufficient to cover any situation. In the case that a heavy equipment…
Read More4 Factors Affecting the Repossession Industry
There are 4 factors that cause current and future constraints in the repossession industry that impacts auto lenders, repossession management companies, and recovery agents. Over the next decade, these factors will continue to put pressure on the industry. Increasing State and Federal Regulation: The repossession industry has undergone tremendous change over the last ten years…
Read MoreEquipment Repossession: 4 Steps to Picking the Right Agent
Initial Agent Vetting Anytime you have to repossess collateral, the lender assumes meaningful risk. Courts have found repeatedly that lenders are responsible for the acts of their sub-contractors. This is why the initial agent vetting process is so important. As one of the top nationwide heavy equipment repossession management companies, we’ve vetted thousands of recovery…
Read MorePersonal Property Handling: The Issues and Costs
Note: The article was written by Resolvion with the input and data provided by the American Recovery Association. Over the past year, there has been a great deal of discussion about the fees related to the removal and storage of personal property. The issue has resulted in significant changes by most lenders as to…
Read MoreUsing Data Analytics to Predict Auto Repossession Success
Written by Steve Schroeder as part of the Resolvion Insights Series Statement of the Problem Several factors converge to cause current and future constraints in the repossession industry that will impact lenders, forwarders (also known as repossession management companies) and agencies alike. These factors will continue to increase in relevance over the next five to…
Read MoreRepossession Compliance: Mobile Platforms Put the Goal Line In Sight
Anyone that has been involved with the repossession industry over the past several years knows that the world looks very different today than pre CFPB. Most of the focus during this period has been on 3rd and 4th party oversight. Given the CFPB’s official position on vendor management, it is no longer acceptable to rely…
Read MoreRepo Agent Effort – In Today’s Environment, Expect To Get What You Pay For
The relentless drive to reduce repossession related costs while, at the same time meeting the demands/expectations of regulators, may be catching up with us. As one of the largest repossession management firms, we stay very close to the dynamics of the marketplace and we have become concerned about the current situation and even more concerned…
Read More5 Benefits of Adding a National Repossession Management Partner – Have your cake and eat it too
Over the past several years, there has been a very clear trend by lenders towards the utilization of repossession management firms (forwarders) to manage the rising complexity of repossession related activities. Today, the vast majority of the top 100 auto lenders in the country rely primarily on this model. However, the proliferation of the model…
Read MorePre-Charge Off Skip Trace – Is It Worth The Money?
Available industry data is clear, if a repossession agent has not recovered a vehicle within 30 days of working it properly, the recovery rate after that point is typically in the 6%-9% range. This reality provides a strong incentive to rotate the assignment to a different provider in order to improve the likelihood that a…
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