Insights Articles

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…

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…

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…

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…

Over the past year, the handling of personal property and redemption fees has become one of the hottest compliance topics in the industry.  It is on the radar screen of virtually every auto lender in the country, as well as the regulators.  Most of this interest is sparked by CFPB concerns over disparate treatment of…

It is important to understand that a true staging strategy involves capitalizing on real time (live) vehicles sightings vs. the use of historical LPR hits that occurred anywhere from several hours to several months ago. Over the past several years, the use of LPR technology has had a huge impact on recovery rates. Here are…

Here are 5 best practices to produce to the best auto repossession results! As one of the largest repossession management companies in the country, we work with some of the largest auto lenders in the country. We’re happy to share with you our experience as to what we see as the key components of a…

Over the years, repossession and skip tracing services have come to be viewed somewhat as commodities by many in the lending community. As such, outside of compliance, the primary focus around the management of these services has been cost. After all, since these services are available through multiple providers, why pay more than what the…

Over the past 12-18 months, there has been a real increase in interest by lenders around the idea of establishing “all in one pricing” (AiO) with their repossession forwarders.  Most of this interest has been spurred by concerns expressed by the CFPB regarding ancillary fees as well as a desire by lenders to simplify the…