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Inside Lienholder Policies: Unlocking Vehicle Title Asset Recovery
Manage episode 484477414 series 2911349
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In this episode, we dive into the growing pressure on automotive lenders and what it means for borrowers. If you’re behind on your car loan or dealing with a lien, this is a must-listen.
🔹 Lenders are stepping up recovery efforts
- Some lenders are ramping up tactics to recover money from defaulted automotive loans.
🔹 Wells Fargo Automotive offering repo incentives
- $500 per vehicle is being offered to repossession agencies to prioritize recovery.
- This move is driven by a nationwide shortage of repo personnel.
🔹 “Bounties” being placed on vehicles
- Due to the shortage of repo workers, some banks are putting vehicles with liens at the top of the list by offering cash incentives.
🔹 Opportunity for negotiation
- If your vehicle is in default, you may have leverage.
- Lenders may prefer to negotiate lien releases for cash instead of going through the expensive repo process.
🔹 Repossession costs are rising
- Lenders spend thousands to repossess, transport, and auction a vehicle.
- These rising costs can lead lenders to consider settlements even with new or subsequent owners.
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