Daily Digest – November 10. Adding Insult to Injury; Did Cordray Bluff His Way to Staying at The CFPB?

ADDING INSULT TO INJURY A Kansas man claims he was hit by his own repossessed vehicle as it was being driven away on a tow truck. The tow truck driver was leaving the scene following an argument with the man when the incident allegedly occurred.   LENDER VERY QUICK TO REPOSSESS VEHICLES A Dallas newspapers takes on a pretty shady used car...

Daily Digest – November 7. Wells Faro Raises Payout Estimate Over Insurance Scandal By $50 Million

WELLS FARGO RAISES ESTIMATE BY $50M RELATED TO INSURANCE FIASCO Wells Fargo said yesterday that it now expects to pay out as much as $130 million to the individuals whose vehicles were repossessed because the lender placed insurance on the cars that wasn’t needed. The original estimate provided by the bank was $80 million. More than 25,000...

Daily Digest – November 6. Driver Claims Thief Wrecked Repossessed BMW; Woman Goes After Judge Who Signs Repossession Order

TOW TRUCK DRIVER CLAIMS THIEF WRECKS REPOSSESSED BMW A South Carolina tow truck driver who repossessed a 2009 BMW is claiming that a woman jumped into the car after it was towed to a lot, and then plowed the car into a dumpster and collided with another vehicle. She then fled the scene with a man who was driving a pick-up truck. No identification...

Daily Digest – November 1. CFPB To Keep Close Eye on Auto Lending; Hensarling Announces Retirement From Congress

CFPB TO KEEP CLOSE EYE ON AUTO LENDING IN 2018 The Consumer Financial Protection Bureau will maintain auto lending as a regulatory focus in 2018, according to a senior official at the agency. Specifically, how lenders are using compliance management systems will be a particular area of interest.   HENSARLING ANNOUNCES RETIREMENT FROM...

Daily Digest – October 27. Repo Agent Has Documentary Made About Him; Woman Charged With Stealing Back Repossessed Vehicle

REPO AGENT GETS DOCUMENTARY MOVIE ABOUT HIM GoFundMe, the online fundraising service, has produced a documentary about Jim Ford, a repossession agent who used the site to help raise money to repay the unpaid portion of an auto loan for an elderly couple last year. HOMEMADE FIREWORK FOUND INSIDE REPOSSESSED CAR A homemade firework was found...

Daily Digest – October 26. Gun, Possible Drugs Found During Pre-Repo Inspection; Charge-Offs Spike at Wells Fargo

GUN, POSSIBLE DRUGS FOUND DURING PRE-REPOSSESSION INSPECTION A vehicle about to be repossessed from a Pennsylvania high school parking lot had a handgun and what appears to be marijuana inside of it. The items were noticed before the vehicle was repossessed and then law enforcement authorities were subsequently notified. CHARGE-OFFS SPIKE AT...

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