TFA’s “Ask The Repossession Professional” Series: Alex Price Given Multiple Addresses To Work? Asked to Make Contact With References? Question: Alex, our agents are reporting that they are starting to get multiple addresses from the client to check,…
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As of July 1, 2013, it is officially a crime (third degree felony) for an unlicensed person to pick up a voluntary repossession in the state of Florida (Florida Statute 493.6120). The upshot of this is that it is illegal…
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The CFPB and Your Recovery Agent…Are Things Finally Going To Change? The acronym CFPB has been in countless emails, blogs, webinars, and magazine articles. We are seeing it in Credit Union online magazines, BHPH Car dealer magazines, and memos issued…
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There are things your repossessor thinks and knows, abilities and capabilities they have, that he or she simply isn’t going to tell their client. Here’s some of them: 1. “I really could come up with a lot more information…
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In the past two years, I have gotten more and more involved in skip- tracing debtors…working various sources to locate people with the intent of repossessing their cars. Fewer and fewer cars are being found at the last-known address…
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I don’t get it. I really don’t. Some creditors don’t want to pay close fees. I believe their argument is that they want to “pay for results”. To that I would say “investing $50 in diesel fuel to check…
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Back in April, the government issued this statement: “The Consumer Financial Protection Bureau (CFPB) today released a bulletin clarifying that financial institutions under Bureau supervision may be held responsible for the actions of the companies with which they contract. The…
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Interesting time at the recent industry-wide repossession conferences called NARS (North American Reposssessors Summit). There was a cross-section of the many players in the industry….big banks, captive finance organizations, repossessors, forwarders, insurance companies, ALPR camera companies. They were all there….
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There is an old Jewish proverb: “Don’t muzzle the ox that treads the corn”. Although the meaning might be obscure, a little reflection on this adage yields its wisdom: do not shortchange a key component of your endeavor’s success. Sure,…
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A recent article on CU Collector, a website dedicated to the auto-loan collector within America’s credit unions reported that a national repossession “forwarding company” was trying to find new repossession agents on Craigslist. Don’t get me wrong. I use Craigslist all…
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