Daily Digest – July 21. No Bubble in Subprime Auto, Says Cox Auto Economist; Cordray Leaving CFPB To Run For Ohio Gov.: Report

NO BUBBLE IN SUBPRIME AUTO: COX AUTOMOTIVE ECONOMIST The chief economist at Cox Automotive, which owns, Manheim, Kelley Blue Book, and NextGear Capital to name just a few of its holdings, says there is not going to be a bubble in the subprime auto finance market. Default rates are already declining, and have been doing so for a year, and there...

Daily Digest – July 18. S.C. Agent Shares Details of Being a Repo Man; Repo Agent in Michigan Shoots Dog, Claims Self-Defense

SOUTH CAROLINA AGENT SHARES HIS STORIES OF BEING A REPO MAN WITH LOCAL NEWSPAPER Another local newspaper is tackling the inner world of the repossession industry. Chris Sacawa, who owns Legendary Towning in Myrtle Beach, S.C., shares his stories about being a repossession agent, and the article includes a video of a ride along the reporter took...

Daily Digest – July 17. Lenders, Dealers Bending Lines To Get People into Cars Sends Default Rates Soaring; Repossession Agent in Kentucky Threatened

LENDERS, DEALERS BENDING LINES TO GET PEOPLE INTO CARS SENDS DEFAULT RATES SOARING When I took history in high school, the teacher had a saying taped on the wall of his classroom: those who do not learn from history are doomed to repeat it. The auto finance industry might do well to learn that saying. The lines that dealers and lenders bent to...

Daily Digest – July 14. Repo Man Speaks Out to Local Media About Dangers of The Job; Dealer Arrested After Allegedly Using Tow Truck To Hit Car He Sold

REPO MAN SPEAKS OUT TO LOCAL MEDIA ABOUT DANGERS OF THE JOB George Cook, who owns George’s Towing in Texoma, Texas, has spoken out on local media about the dangers of being a repossession agent. What Cook says is pretty much what every repossession agent says — he’s just there to do a job; he’s the middle man; and...

Daily Digest – July 11. CFPB Issues Rule That Will Ban Use of Class-Action Waivers in Arbitration Agreements

CFPB ISSUES RULE THAT WILL BAN USE OF CLASS-ACTION WAIVERS IN ARBITRATION AGREEMENTS The Consumer Financial Protection Bureau yesterday issued a rule that would ban class-action waivers in arbitration agreements for individuals using consumer finance products and services.  The rule would prevent financial institutions from requiring...

Daily Digest – July 10. CU Reaches Settlement After Repossessing Vehicles Of Active Duty Service Members; Woman Leaves Ashes of Murdered Husband in Repossessed Vehicle

CREDIT UNION REACHES SETTLEMENT AFTER REPOSSESSING VEHICLES OF ACTIVE DUTY SERVICE MEMBERS A Michigan credit union has reached a settlement with the Department of Justice after allegations that the lender illegally repossessed the vehicles of four active duty service members. The credit union will give each affected individual $10,000 plus any...

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