From the Connecticut Law Tribune: The state Department of Banking of Connecticut and Santander Consumer USA have announced a $2.9 million settlement that will credit, waive or refund the accounts of 3,730 Connecticut consumers whose vehicles were repossessed. Santander does not acknowledge wrongdoing, but in the consent order signed by both parties Tuesday, the Illinois-based financial services company agreed to pay a $100,000 fine.…

While insurance is always at the top of towing company expenses, towing operations across the country have seen insurance costs rise dramatically. Even companies with good driving records that haven’t submitted claims for years have seen their insurance premiums double. To make matters worse, their insurance carrier may have stopped writing policies for the towing…

Posted on the February 1, 2018 The U.S. subprime auto-lending market continues to show signs of weakness, leading to increased worries among economists that despite the positive-appearing figures being tossed off by the U.S. economy, blue collar America continues to struggle to pay its bills on time. The nation’s two largest subprime auto lenders —…

A full year since Wells Fargo Dealer Services began tightening its auto underwriting standards, delinquencies and charge-offs continue to rise by double-digit percentages, the company disclosed in fourth-quarter earnings today.   Wells Fargo began tightening its underwriting standards and shrinking its portfolio in 4Q16, and the lender anticipates those portfolio declines to continue through 2018. However, the tightening has…

American Spectator Magazine Business for the nation’s top recovery agents (better known as “repo men”) is booming. It has gotten to the point that some of them are feeling downright uncomfortable about their own success. Read the rest of the article here…

I am a member of a number of online Facebook forums for people that are involved in the repossession business. For the most part, it’s a great networking tool for people…especially those newly in the business to discuss the best truck chassis choices (Ford? Chevy?), or the pros and cons of different types of wheel…