Categories
Skip Tracing

The Greatest Skip Trace Companies

We see many companies popping up, we see high volume skip trace firms, we see repossession companies that advertise skip trace as well. In fact we see it so often it makes it seem as though anyone can do it and it’s as easy as that. Just decide on adding a skip trace division and open up. The big question lies in will a bank or finance company actually hire these types of companies?

They probably do every now and then and also these so called skip tracing companies can probably also find many of the cases that may or may not be worth it to the bank. It may be worth it in the sense that they only charged a small skip trace fee of somewhere in the neighborhood of $300.00 so the finance company is happy. The question remains though is the finance company happy tying up cases with these so called skip tracers where only about 70% or less gets found. At that point does it stay worth it for them, I think not. I also think there is a big difference in what exactly they are skip tracing to begin with. For example if it is a subprime finance company that only has cars with balances due of 12,000.00 and real value is around 5,000.00 is it still worth it to pay $1,000.00 or more per unit to a company that will really work each case and stay in the 98% recovery rate percentile. I believe after its said and done after each year, to pay a real skip trace company as opposed to some company that just threw up an ad that they skip trace.

Categories
Bank Finance

Auto Refinance to Avoid Getting Behind

gty_car_loanWhatever the deal may be, you might have had to get a loan on a car a couple years back when your credit was real bad. Maybe you got in a jam from a previous repo but its been a while and now your stuck with this ridiculous interest rate up in the high teens. What do you do with that?

Categories
Repo Shows

Supplementing your Business with a TV Show

lltowingAll day long you hear all the stories one after another about how the shows Operation Repo is fake or Lizard Lick Towing is scripted and they are fake and that if any of this was done in real life it would mean jail time. You also have the repossession companies saying this is a mockery to the industry and it created problems for real repossession companies. All that might be true, but when you really think about…

OPERATION REPOWho wouldn’t start a show to make money for their business?

Let’s say you had a car repo business like Lizard Lick Towing which I am pretty sure is a real business that really does repo’s and you got an offer from a TV producer from a channel like TruTV or Discovery wouldn’t you jump on the deal? I mean even if they offered you little money, from the Facebook likes alone you would make substantially more then what your car repo company currently makes. If you take a look at the Lizard Lick Towing website you immediately see how much they expanded due to the show. They now sell T shirts, accessories, and even have a small store selling stuff. Then if you look further down, you will they have a Facebook account for each of the people working on the show, if you click on those you see that they have close to a million Facebook likes on each of them and more on the show Facebook itself. So you tell me, even with all the crying out there about how the show isn’t real. Look where it took a small repossession and towing company.

Not only the extra money from the show, store and Facebook. What about all the free publicity Lizard Lick Towing gets. I am sure banks that needs a repo in that area will give them a call first unless they are tied up with a national forwarder as many are today.

Categories
Bank Finance Car Repossession Consumers Law

I bought a car from some guy and last night it got repossessed

2010-toyota-camry1I wake up this morning and my car is gone so I called the police to tell them its stolen. They advised me it has been repossessed but I told them I have no loans with any bank on the car.

This is a scenario that happens often and it can happen a few different ways but the most notably way is called a straw purchase. Someone sells you a car and holds a small note for the balance(while still making payments themselves to a finance company) , gives you the car but never transfers title or registration. This is very popular in places where the influx of illegals may be higher than normal, giving someone without papers a way to drive a car as the normal channels are not doable at this moment in time. Another popular reason for this is to find someone willing to hold a few thousand on the car accepting payments from a third party without knowing the seller himself has payments.

Categories
Consumers Credit rating

Boost Credit After a Repo Here is the Best Way

capital-bank1You might think who cares? Why even bother boosting credit after a repossession? Immediately following the repossession you are probably right, but moving forward a year or two later perhaps you might be looking for a new job or you feel you are ready to purchase a house. Whatever the reason might be, a surefire way to increase credit scores is getting a secured credit card. Not a prepaid MasterCard but a secured credit card from a bank like Capital Bank. Not Capital One bank, but Capital bank.

Capital Bank offers a card called First Bank Card that you must load a minimum of $300.00 at a time. But to boost your credit since you haven’t had anything but some negative accounts floating around for the past year or two a $300.00 secured card will do. In fact if you do a good job with it, they might even change it over from secured to unsecured shortly after. You submit the application online with an electronic way of them getting the starting $300.00 or you print out the online application and send them a money order along with the printed application filled out and signed. The whole process takes around 20 days to get done, typically 10 days for an approval and another 10 days to receive the card. Consider it a small savings account that must be watched over like a hawk.

Categories
Car Repossession

Selling a car out of state with the ability to repossess

Maserati-MC12-CorsaYou decide to sell your car so you put an ad in the local paper, auto trader or some online outlet to sell cars. In many cases, most of the people that call are out of the area, either in another state or slightly closer in another city. People make appointments to come see the car and in many cases they never even come to see it and they just buy it sight unseen. There are several important things to cover when selling a car in order to cover your ass so to speak. Over the years being in the liquidation, remarketing industries I have seen one too many times somebody get burned for some slight oversight or error on the part of the seller.

To do list when selling a car out of state

  1. Make sure you get a wire transfer of funds or cash depending upon the price of car.

Checks and cashiers checks can no longer be trusted with the amounts of fraudulent people roaming around. A bank will actually put a 7 day hold on a cashiers check to avoid a fraud check and even if it is fraudulent, you are fully responsible for the amount. Simple to say wire me the money and pay the small fee involved, its the fastest and safest route for a larger purchase.

Categories
Consumers Homes

Home repossessions having a negative long term impact on homeowners

CondosWhile there is a long list of negative affects coming out of home repossessions as well as a decent sized list of the opportunity those home repossessions offer to home investors, first time buyers as well as people just looking to move up into a nicer home. However this article explains a new epidemic of yet again the ruthlessness of HOA’s across America and how it affects you.

Condominiums and houses alike have HOA’s

Keep in mind that this might not have as strong as an effect as it does for those of us that own condominiums with sometimes layers of HOA’s within. if that is the case there is a good chance you will have some type of corruption within one of the layers. Don’t get me wrong, HOA’s are important in keeping a solid place with well needed rules especially in this moment in time in the United States where the rules will constantly be challenged one way or another. The problem is that once an HOA is established, it never fails that a corrupt or power hungry individual will somehow get in and once in will do everything in their power to stay in, including but not limited to rigging future elections, making sure never to have a quorum, among many other abusive things they can do and HOA’s might show as if they are regulated but the reality shows different and they are frankly untouchable unless of coarse they start to scrape some funds in which eventually they will get caught.

Categories
Heavy equipment

Calculating a Heavy Equipment Repo

craneA bank calls and asks you to pick up a large piece of heavy equipment and your excited about the offer but there is only one thing, you are not experienced in heavy equipment at all. How do you give them a proper quotation on the job without costing you money out of pocket that you had no foreseen in advance. You might be able to come back to the bank later and bill them for additional costs that came up but usually a bank wants a solid quote prior to assigning the case.

Heavy equipment repossession is much different from car repo, yacht repo and aircraft repo. There are factors that equate to doing the job that a typical car repoman will simply not know. First off lets start by saying we are not talking about a small bobcat out in hill country. Lets talk about a crane in a metropolitan city such as New York and some of the things that need to be discussed in order to quote this job properly and accurately. I am specifically using crane because cranes getting repossessed in metropolitan cities is believe it or not a common occurrence. Constructions companies going bust, construction companies would rather allow the unit to be repossessed than pay to have it disassembled and all the other expenses involved. A job gets canceled mid stream as stakeholders pull out, basically a million things can go wrong and there you have it, a luxury item repossession company is getting called to do the dirty work.

Categories
Confrontation Law

Why do repomen avoid the police during repossessions

police-carThis question comes up often in certain forums discussing TV shows and certain actions such as hiding from security or police during a repossession. It is understandable that many people do not understand the reasoning of this as most people would think that LE would be on the side of the repoman. While there are several factors in the answer of this question, surely some are more prominent than others.

Advising owner that repoman knows the location and ruining skip trace

First off, many times allot of work goes into the skip tracing part of the case. When this happens it is obvious the less people know you are there the better off you are. Even if nothing illegal is going on, a police officer might throw a wrench into the case by advising the owner of the unit or saying that a court order is necessary. If this happens all the work on the skip trace becomes null and void as the owner will clearly move the unit to another location the very same evening. While almost every time the police became involved in any of my repossessions luckily it went in my favor and thankfully so as most of them were out of state where I had a flight to catch back later that day.

Categories
Bank Finance Credit rating Repossession Industry

America car lending stays strong yet repossessions are down in second quarter

kbb-july-2013-auto-segment-performance-chartExperian automotive has released second quarter data today reporting that American repossessions have dropped nearly 15%. Although Experian is not the most trusted company as far as reporting goes with individual credit, since they started the repossession and automotive finance  tracking over 7 years ago the data has been very accurate. They claim that people being just 30 days late have dropped year over year by 5 and a half percent despite American auto sales and lending at record highs.  From the signs of the repo companies alone this seems to be an accurate number. This could also mean that a sudden large surge of repossessions may follow in the upcoming quarters, much higher than usual.

The report also showed that the total balance of outstanding automotive loans  grew from more than $682 billion in Q2 2012 to nearly $751 billion in Q2 2013.  Banks increased their total dollar volume by $24 billion, followed by credit  unions ($18 billion), finance companies ($16 billion) and captive finance  companies ($11 billion).