Category - Daily Digest

Daily Digest – August 10. Credit Unions Top List of Auto Loan Originators; Wells Puts Blame on Vendor For Insurance Fiasco

CREDIT UNIONS TOP LIST OF AUTO LOAN ORIGINATORS CU Direct, a network of credit unions, originated the most auto loans during the first six months of 2017, beating Capital One, Wells Fargo, and Ally. CU Direct originated nearly 600,000 auto loans during the first half of 2017, 19% more than it did last year. WELLS PUT BLAME ON VENDOR FOR...

Daily Digest – August 8. Man Arrested For Allegedly Shooting At Repo Agent; DRN’s Alex Price Hosting Skiptracing Webinar Series

MAN ARRESTED FOR ALLEGEDLY SHOOTING AT REPOSSESSION AGENT A Pennsylvania man was arrested yesterday after he allegedly shot at a repossession agent who showed up to recover the man’s vehicle. Nobody was hurt in the incident and the vehicle was ultimately repossessed after the man was arrested. ALEX PRICE HOSTING FOUR-PART SKIPTRACING...

Daily Digest – August 3. Forced Insurance That Led To Repossessions Gets Wells In More Hot Water; Losses Spike at Credit Acceptance

INSURANCE THAT LEAD TO REPOSSESSIONS KEEPS GETTING WELLS IN HOT WATER The New York Department of Financial Services has issued subpoenas to Wells Fargo after the lender admitted it had placed insurance policies on hundreds of thousands of vehicles and charged the individuals for the policies. In as many as 20,000 cases, the extra payments caused...

Daily Digest – August 1. Wells Fargo Fires Regional Business Managers As Part of Collections Consolidation; MVTrac Announces Investment, Personnel Changes

WELLS LETS REGIONAL BUSINESS MANAGERS GO AS IT CONSOLIDATES COLLECTIONS CENTERS As part of its consolidation of its regional collections centers, Wells Fargo has let go of 57 regional business managers, some of whom have been with the company for decades. Wells had previously announced that it was consolidating the 57 different collections...

Daily Digest – July 28. Wells Fargo May Have Repossessed 20,000 Vehicles After Placing Unnecessary Insurance; Lenders Reporting Strong Earnings

WELLS MAY HAVE REPOSSESSED 20K VEHICLES AFTER PLACING UNNECESSARY INSURANCE ON THEM Wells Fargo may have repossessed up to 20,000 vehicles because individuals defaulted on their car loans as a result of the lender placing unnecessary insurance on their vehicles, according to a published report. The lender obtained insurance for nearly 500,000...

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