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The ripple effect: Distressed repo industry threatens lender losses

Auto loan losses are poised to rise — but not because consumers are failing to make payments. The issue runs deeper, hinging on repossession agencies bogged down by increased competition and rising costs. Repossession companies, typically family-owned businesses passed down through generations, are succumbing to industry challenges. Florida, for one, has lost 23% of its […]

Resolvion recruits Ally’s Russi following merger

On the heels of completing a merger last week, Resolvion has beefed up its ranks with a 30-year auto finance executive, said Chief Executive Michael Levison. Tim Russi, whose career has spanned institutions including Bank of America and GMAC, has been named to Resolvion’s board, the company announced yesterday. Prior to joining the repossession management […]

Asset value approach to repos props up lender ROI

DALLAS – Lenders need to rethink their approach to repo scorecards and put an emphasis on asset value to increase their return on investment, Primeritus Chief Executive Mike Thomas told attendees at the ALS Resolvion Innovations in Recovery conference last week. Some of Primeritus’s clients have begun to reap the rewards of a value-driven approach, […]

New system links lenders to repo agents in real time

In an effort to curb compliance issues related to wrongful repossessions, ALS Resolvion has implemented a system that links lenders and repo agents in real time. “Over the past couple of years, the Consumer Financial Protection Bureau has started to focus more on the repossession activities within lenders that they regulate,” Michael Levison, chief executive at Charlotte, […]