Showing posts with label car auction. Show all posts

Tuesday, March 19, 2013

$600,000 Lamborghini expected to be one of most hotly contested items - http://www.heraldsun.com.au/news/national/lamborghini-expected-to-be-one-of-most-hotly-contested-items/story-fndo317g-1226599604442

Pickles Luxury Auctions to auction this Lamborghini Gallardo V10. Sunny Tanung inspects the $600,000.00 Italian car. Picture: Simon Bullard Source: The Daily Telegraph

IT LOOKS like the bat mobile and has a price tag that would make even Bruce Wayne wince, but this Lamborghini is expected to be one of most hotly contested items at a luxury car auction tonight.

The brand new Lamborghini Gallardo, with only 100km on the clock, is expected to fetch $400,000 a comparative bargain compared to its recommended retail price of nearly $600,000.

The Italian supercar, which is being sold by a financial organisation after it repossessed the vehicle when Sydney Lamborghini dealership went into receivership late last year, is just one of almost 90 cars set to go under the hammer at the Pickles Auction at Moore Park tonight.

Auctioneer Steve Allen said the collection of cars, which also included an Audi R8, Porsche GT2 and a limited edition Mustang, was the strongest since the GFC tore through the top end of town.

"During the GFC we saw more vehicles, but in terms of the quality of the cars this is the equivalent,'' Mr Allen said.

Thursday, March 7, 2013

Indirect Looks to Lead Again in Lending Dance - http://www.cutimes.com/2013/02/27/indirect-looks-to-lead-again-in-lending-dance?ref=hp

From the February 27, 2013 issue of Credit Union Times Magazine •

Indirect Looks to Lead Again in Lending Dance

By Michelle A. Samaad

February 27, 2013 •

Thick in the heyday of originating indirect loans, credit unions basked as the slices of their auto lending portfolios swelled to historic proportions.
The momentum should have led to programs that helped aid bottom lines across the country. Instead, that rapid growth caused some credit unions’ indirect loans to destruct, brought on by a high concentration, massive defaults, shady incentive programs and poor dealer relationships. The latter likely was the worst culprit, some have argued.
“One thing that all the credit unions that got in trouble have to remember is that it they had no one to blame but themselves,” said Eddie Nevarez, vice president of business development for the National Auto Loan Network, in Newport Beach, Calif., which counts more than a dozen credit unions among its clients.
“It is no secret that auto loans and memberships are the bread and butter for all credit unions, but back then, many were risking their members on plain bad lending practices to satisfy their indirect lending partners,” Nevarez said.
Nearly all–Nevarez estimated 99.99%–of credit unions involved in indirect lending got caught up in the idea that auto loans were the end all and be all of success. As a result, they let the dealers dictate to them their business.
“It is not so shocking to hear what they have to say regarding a few credit unions in Southern California, most of which stopped their indirect programs and recently started back up or are looking to get back in to indirect lending,” Nevarez said. “The one thing that these individuals all say is that there were credit unions that would buy anything and if you could not get approved anywhere else we knew that these credit unions would approve or buy it.”
From firsthand experience with one of these California credit unions, Nevarez said that most of the due diligence needs to be done internally. That can mean ensuring that a credit union is staffed properly to handle an indirect program and keeping the underwriting guidelines consistent with the credit union’s direct program, he advised. Internal controls are a must including audit and compliance procedures, Nevarez noted.
On the other end, providing the indirect partner with clear expectations can prevent surprises. Underwriting guidelines, funding and service levels and turnaround times need to be spelled out.
“Set the criteria of the program and only sign with partners that agree with your terms,” Nevarez said. “Always remember that the members come first.”
After heavy losses, the $582 million Seattle Metropolitan Credit Union shut down its indirect lending program in 2009, said Caleb Cook, vice president of lending.
“The spreads are very thin for all loans in the current environment, and margins must be managed closely. Indirect loans should be looked at as an investment as many of the new members you sign up will be single service,” Cook said. He added that credit unions may want to shoot for a 1% margin considering they can get a 1% return on a risk-free investment.
Indirect lending comes in all shapes and sizes, from small to large programs to in-house operations or through partnerships with a CUSO or for-profit organizations. Because a program can include autos, boats, recreational vehicles or even merchant lending, Cook said a sturdy foundation should be the common goal.
“The level of due diligence required before implementing an indirect lending program depends on the shape and scope of the operation,” Cook said. “Implement prudent risk and portfolio limits and closely monitor performance as your program matures, which generally takes two or more years. Document all of your due diligence as the examiners will ask to review during their next visit.”
Critical strategies to ensure credit union long-term success in indirect lending should begin with having the goal of starting slow and growing steady, said Michael Cochrum, product director of analytic products for CU Direct Corp., a lending service provider in Ontario, Calif., with 1,050 credit union clients.
“When new loan originations are down, it’s tempting to hook up the lending hose to the nearest origination hydrant and turn it on full blast,” Cochrum said. “But the key to long-term success in indirect lending is to set reasonable goals for growth and not be tempted to take on more than your credit union can handle.”
Fast growth can hide performance issues early on, so it’s important to be able to segment risk categories by origination period in order to isolate emerging negative indicators, he pointed out.
Another area where credit unions may get into trouble is weighing relationships over rates, Cochrum said. Because they are not positioned as top-tier lenders at the dealership, the temptation is to compete for business by offering the lowest rate, he noted.
“This can obviously cause profitability issues down the road. Relationship trumps rate in the dealer [finance and insurance] office, especially in the low-rate environment we are in today. An F&I director can sell a 50 basis points difference in rate,” Cochrum said. “It’s what they do. More important than rate is consistent underwriting, timely funding and the ability to share in the profits of closing the loan.”
If credit unions maintain a consistent underwriting standard, eliminate needless delays in funding and provide the opportunity for the dealer to profit from the arrangement, they can sustain long- term relationships with dealers, Cochrum said.
“Remember, the dealer has no reason to protect the lender if they are only doing 1% to 2% of their loans with your credit union,” Cochrum warned.
Meanwhile, as the concentration of financial penetration builds, another lure might be trying to do business with every dealer in town. Cochrum said most credit unions can get the volume required for a solid performing portfolio from 10 to 15 dealer relationships. However, it’s better to get five to 10 loans from 10 to 15 dealers than one loan from 100 dealers, he offered.
“When a credit union has gained penetration in a dealership, they are vested in the relationship and the credit union becomes integral to their success. A dealer is much more reluctant to fracture a relationship in this case,” Cochrum explained. “If your credit union is only doing one or two loans a month with a dealer, then that only represents incremental business. If the relationship is fractured, it is easily replaced by another financial institution.”
Above all else, credit unions have to stay on top of consistently monitoring risk factors. The set it and forget it approach can lead to problems down the road, Cochrum said. For instance, sharp increases in volume can indicate a soft spot in a credit union’s underwriting that may be exploited, he suggested.
Monitoring the mix of paper a credit union is getting and how long members in each credit tier are sticking with can help indicate areas where long-term profitability may also be challenged, Cochrum advised. While there is encouragement to monitor dealer losses and delinquencies, it might be even more telling to monitor a finance director’s performance as they move from dealer to dealer, he noted.
“Credit unions must monitor volume fluctuations, credit quality distribution, lifecycle yields, early payoffs, first payment defaults, finance director portfolio performance, and underwriter and dealer loan pools,” Cochrum said. “These are the areas that can indicate trouble.”
NCUA examiners are reviewing call reports for increasing amounts of repossessed autos or increasing indirect lending delinquency and loan losses, the agency has reminded in several letters to credit unions including an August 2010 on due diligence.
In addition to those danger signs, examiners are also looking for other red flags that may require a credit union to slow down indirect lending. Among them is a high concentration of indirect loans to total loans or net worth without adequate controls in place and incentive programs tying loan officer bonuses to indirect loan volume.
The NCUA said other areas of scrutiny including inadequate analysis of overall indirect loan portfolio performance and high instances of first payment default, payment deferment and account re-aging.
Another key area involves the relationship between the credit union and dealers. The NCUA said poor dealer management can run the gamut from reliance on the dealer to obtain credit reports to accepting loan payments from dealers and dealer-created down payments through dealer incentives to inflated or fraudulent trade-in or purchase price or continuous overdrafts in dealer reserve accounts.
In that August 2010 NCUA letter, NCUA Chairman Debbie Matz issued several warnings for indirect lending programs including rapid growth that can lead to a material shift in a credit union’s balance sheet composition.
“NCUA has seen seemingly healthy credit unions fail in a matter of months due to indirect lending programs that spun out of control. While there are benefits to a well-run indirect lending program, an improperly managed or loosely controlled program can quickly lead to unintended risk exposure. This can increase credit risk, liquidity risk, transaction risk, compliance risk, and reputation risk,” Matz wrote.
Those risks are likely tied to the fierce competition for shelf space with the dealerships. Many large lenders, including captives have gotten very aggressive with rates, particularly in the prime lending arena, said John Flynn, president/CEO of Open Lending LLC/Lenders Protection, an auto loan underwriter in Austin, Texas. Some lenders are also paying the dealers some aggressive rates and reserves to get the deals.
“We doubt they are making any net yield at all on the super-prime loans. Our view is that for the most part, this loan is typically the only relationship the member has with the credit union so they have to make money on this loan,” Flynn said. “They can’t depend on profits from other products to subsidize the yield.”
One of the key reasons that the indirect funding ratio is much lower that direct is simply that the F&I guy has many choices in their lender network, Flynn said.
“Our belief is that a strong relationship is one of, if not the most important ingredients to having a successful indirect program. The dealers are looking for a lender that is consistent rather than fickle. They also prefer full spectrum lenders,” Flynn said.
According to CUNA, in 2012, approximately 84% were involved in some sort of indirect lending. While it has revenue benefits and can generate membership growth, ultimately the credit union has to stay in and maintain the driver’s seat.
“The credit union must be in control of the program at all times and should not be afraid to terminate the program at any time,” Nevarez said. “Do not hand over the keys to the credit union to your partner, they will do what is in their best interest.”

Tips That May Help With Buying Your First Boat - http://www.bassresource.com/bass-fishing-forums/topic/113116-tips-that-may-help-with-buying-your-first-boat/

Tips That May Help With Buying Your First Boat

It seems there are always questions as to what boat is best suited for any given situation we have. There are so many options out there, how do we know which one is right for us?

Here are a few guidelines that may help you with your decision.

First things first when you consider the purchase of a new (or new to you) boat.

1.The first item to consider has to be safety, without a doubt, This is the most important factor when you are considering a boat purchase, used or new. What could be wrong with a new boat? Plenty. Don't overlook the importance of anything when you are out there looking, It could be a boat that has been bought back or repossessed for any number of reasons. Dealers and sellers can be a tricky group of people. You could be getting a great deal or you may be getting shafted. Don't assume anything when you are in the market and leave nothing to chance when it comes to your safety and the safety of others on your vessel.

If this is your first boat, or you have never driven a boat, or have little experience, make sure before you even open the first page of looking for a boat that you have at least a little experience. Even though it's not a requirement, you will find this to be very helpful. It is in your best interest that you have at least some experience on the water. Rough water can be tricky to navigate, especially your first time. Finding out that your boat is under-powered in these conditions is not a fun time to be on the water. It's always a good idea to have your experience be, if at all possible, with someone who knows how to navigate and safely operate a water craft. If not, take a boaters safety course (if you have not already done so) before you make that leap. You can often find them as a hands-on class. Take a boat out on the waters you want to fish,. It's not hard to find someone willing to rent a boat or teach you the responsibilities that go along with ownership. You just have to look, but your very first step should always be to be prepared and know the guidelines, not only for your safety but for others you may have with you as, well as others on the waterways.

While we are on the subject of safety, be sure to look up good qualified marine service centers, they will/can be instrumental in the decision making process, should you have the need for one. Nothing beats a once-over by a good qualified tech.

2. The second guideline is financial. Make sure the boat you are looking at is well within the financial means of your pocket book. If you want the biggest, baddest boat on the water, just make sure you are prepared to cover the cost of what a new engine can cost you for the boat after it is out of warranty, especially if you had to break the bank to get that Ranger you really, really wanted. Think about the long run, don't just think about right now. Look at how well it will hold value. You may want to trade it or sell it, or even upgrade it with lots of electronics in the future. If you want to run it at night, it's going to require navigational lighting if it does not already have it. These kind of expenses can all add up, even though some seem small, they can be more than you wanted to spend on a given project, if you don't know how to do it yourself then you will have to pay someone on top of that. Labor hours are not cheap for marine applications if that may be your only resource. Further, consider the cost of boat insurance. Make sure that you have at least $100,000 of liability. If you plow into someone's tricked-out Ranger, it's going to cost a wad.

3. The third guideline is to ask yourself, "Is Is it the right boat for me?" We have already made ourselves failure with the safety of the waterways and now we have found a boat that looks really good in our price range. Take the time to sit down and figure out what exactly you wish to accomplish with your new boat. Where will you be fishing? Will it be on large or small lakes, ponds, river systems? All of these areas play a key roll in what your craft is able to safely traverse and navigate. Will you be alone? Think about all of the safety equipment you will need. Will you have enough room for all of these things, plus your fishing gear and maybe a friend or two? Trust me, you will have new friends.

Fiberglass or Aluminum? That is a question for the ages. When we members on the forum get this question, we always want to know the specifics of your water ways. Since this is an information highway and not a waterway, it's hard for us to help you with that decision if we can't get a good feel of what hazard lurk in your water system. Take strongly into account what you will be doing with this boat. As above, the right boat for you is going to have to perform and navigate and be durable enough to withstand whatever punishment you have in store for it. If it's mostly rocky waters, of course you need a metal type hull, Fiberglass hulls are not meant for the daily beating of a rocky river system, one bump from a rock on a glass hull and you could be in deep deep trouble in a hurry. It will also be advisable for you to navigate your new waters at a slow pace until you know where all the hazards are located. Not all waterways have everything marked the way they should be. Take your time when exploring new waters and enjoy your new surroundings. Pay close attention while you are on the move.

One big thing to consider with each is stability, not so much with glass boats. Most all glassers are fairly stable to begin with. If you should choose to go with an Aluminum boat, make sure it's as wide as you can possibly get it. The wider the hull and beam the more stability it is going to have. This is particularly important if you wish to want to raise the seating platform or put a fishing deck on the boat. Most standard "V" hulls are not really good for modifications that add any height added to them. They become very unstable and easier to roll over the higher you set your seat, if you should find that a "V" hull is what you want then try to find a deep "V" these are much more stable and will allow some modifications you wish to install should the vessel not already have them. Modifications are based on what the boat can safely handle and still be able to perform. Keep in mind, aluminum boats that are not built with these mods, are not intended for modifications, factors are height, and width primarily, plus the weight of the people fishing from the vessel and the added gear, this also adds to the draft, (how deep the boat sets in the water.) Keep your modifications low. The smaller and more narrow the craft is, the lower you need to keep them. Alll of these things are important when considering your investment.

When you consider a glass boat, or any boat for that matter, be absolutely sure! If the boat has some age on it, there are many hidden areas that could potentially have problems. The transom at the stern is always a potential weak link,. The wood inside the glass could be weak or rotten. It's one area that requires a really good inspection. The floor of the boat may have weak spots or may have been recently replaced. The engine may not be in as good a shape the seller says it is. The steering and shift cables may soon be an issue if they are not already. The electrical wiring may be in poor shape and may need lots of attention. This is why it is so important to know a good marine service center. If you have no experience with fiberglass boats, it's best if you have a good qualified tech or someone who knows what they are doing look it over for or with you. A few bucks spent here will save you big time headaches in the long run.

Once you decide on a boat that you really like, have good relations with the seller if you can, It makes it much easier for both of you. Don't settle for anything. Make sure you get a test drive in the boat and that you get familiar with the settings and how everything is supposed to work. Check it over for leaks. Talk the seller into going fishing with it even if it's only for a brief period of tim. You may find it's just not right for you and there you are stuck with something you can not use or really don't like to use.

Take your time! I just can't stress that enough. There are boats everywhere for sale or trade. Be true to what you want from a boat, "your boat", and get the most bang from your buck you can. Trust your instincts! If for any reason you feel it is not the right one for you, then walk away from the deal and keep looking.

Owning a boat, especially your first boat, should be fun and adventurous. You want to enjoy your time on the water. Problems are going to come about; no ifs, ands or buts about it. Be prepared for bad days and it won't be as difficult to handle. B.O.A.T. (Break Out Another Thousand) or, a hole in the water that we just keep throwing money into. We have all heard that time and time again, but if you make your decisions wisely and keep a close eye on the service of your vessel and it's trailer, boating can be and is a lot of fun and gives you a lot of freedom to enjoy the outdoors.

Hope this helps!!

Good luck and be safe !!!

Monday, December 31, 2012

Top 5 Reasons to Buy an REO Property

RepoFinder.com has listed the top 5 reasons to buy a bank or credit union REO. Home buyers across the Nation may not even know about these properties or where to buy them. This article will help familiarize buyers with the benefits of buying direct from a credit Union or local bank.

5- The price is right:

The first thing people associate with buying an REO is getting a low price. When REO's are purchased directly from the bank or credit union there is generally no commission, fee, hidden cost, auction registration charge, etc. These properties are sold only to cover a loss. In almost no circumstance does the bank or credit Union net a profit from the sale. These orphaned properties are typically sold at a loss and if there is residual equity from the sale it is returned to the prior owner. The lenders DO NOT want these properties and they are priced accordingly to sell quick.

4- Bank / Credit Union financing is the best:

A lot of Agent will tell you the most lenient financing and the best interest rates will always be the local credit unions and small banks. After all, they were the ones that financed these properties originally. Small banks and credit unions can negotiate both the price and the interest rate. With low prices and low rates you always get the best deal.

3- Banks / Credit Unions are a trustworthy seller:

Local credit unions and banks are built on the foundation of trust. Their financial reputation is at stake every time they work with you. They absolutely cannot afford to breech that trust over a the sale of an REO. Repo homes are typically sold “as-is” and the sales are final. You won’t be pressured into buying something you don’t want. Make sure you do your due diligence and are certain you want the property before you commit to buying.

2- Plenty of quality inventory:

REO's are not all the same. We’ve heard horror stories of severely damaged homes forclosed from drug dealers and resold at auction. This is generally not the case with buying local credit union REO's. The vast majority of credit union owned properties are voluntarily surrendered in great condition.

1- Search Credit Union inventory from home at no cost:

In the old days of the internet, and even today several websites claim to have exclusive access to REO lists. In reality they are only selling you public records and local auction house contact info. They make claims exagerated claims to entice you into paying memberships, but they make absolutely no guarantees that you’ll get any results.

For more information visit: http://RepoFinder.com

Friday, December 21, 2012

Maine Repo Boats, ATV's, RV's, REO Property, Cars, Trucks, Airplanes, and More.

ACADIA FEDERAL CREDIT UNION

BREWER FEDERAL CREDIT UNION

CENTRAL MAINE CREDIT UNION

CPORT CREDIT UNION (Real Estate)

CPORT CREDIT UNION (Vehicles)

CUMBERLAND COUNTY FEDERAL CREDIT UNION

FIVE COUNTY CREDIT UNION

FRANKLIN SAVINGS BANK

FRANKLIN-SOMERSET FEDERAL CREDIT UNION

GARDINER FEDERAL CREDIT UNION

HOWLAND-ENFIELD FEDERAL CREDIT UNION

KATAHDIN FEDERAL CREDIT UNION

LINCOLN MAINE FEDERAL CREDIT UNION

MAINE FAMILY FEDERAL CREDIT UNION

MAINE HIGHLANDS FEDERAL CREDIT UNION

MAINE STATE CREDIT UNION

MECHANICS SAVINGS BANK (Real Estate)

MIDCOAST FEDERAL CREDIT UNION

NORSTATE FEDERAL CREDIT UNION

OTIS FEDERAL CREDIT UNION

PENOBSCOT COUNTY FEDERAL CREDIT UNION

PEOPLE'S UNITED BANK

SACO VALLEY CREDIT UNION

SEABOARD FEDERAL CREDIT UNION

THE COUNTY FEDERAL CREDIT UNION

TRADEMARK FEDERAL CREDIT UNION

Click here to search additional Nationwide Bank REO (Real Estate Owned) Properties

Here one can find various lenders which have repo cars for sale throughout Maine. Foreclosed property, which include watercraft, recreation vehicles, residences, cars, and pickups are currently obtainable around Augusta, Portland, along with other cities all around the state. Lenders that originally repossessed the particular secured property or home are regularly prepared to sell assets for a significant price reduction, as their field is in lending, and not in automobile and home sales. Each individual lender will have a different technique of auctioning repossessed property.

http://www.repofinder.com/search.php?s=ME

New Hampshire Repo Boats, ATV's, RV's, REO Property, Cars, Trucks, Airplanes, and More.

GRANITE STATE CREDIT UNION (3rd Party Site)

HOLY ROSARY CREDIT UNION

MONADNOCK BANK (Real Estate)

PEOPLE'S UNITED BANK

SERVICE CREDIT UNION

Click here to search additional Nationwide Bank REO (Real Estate Owned) Properties

On this page you can find a directory of places inside New Hampshire that have bank repo cars for sale, foreclosed homes, reclaimed real estate, mobile homes, and also watercraft. Credit unions and banks inside Concord, Manchester, as well as other cities have great deals for investors who are interested. Because the banking institutions are usually not in the real estate or automotive sales sectors, they are often ready to sell off the repossessed property or home at discount costs to recuperate losses in loans. Note that the procedure for selecting the forfeited items will be different depending on the guidelines of a given bank.

http://www.repofinder.com/search.php?s=NH

Massachusetts Repo Boats, ATV's, RV's, REO Property, Cars, Trucks, Airplanes, and More.

DIGITAL CREDIT UNION (Real Estate)

DIGITAL CREDIT UNION (Vehicles)

LUSO FEDERAL CREDIT UNION (partner site)

MASS MUTUAL FEDERAL CREDIT UNION (partner site)

MILFORD FEDERAL CREDIT UNION

PEOPLE'S UNITED BANK

ST. MARY'S CREDIT UNION (partner site)

STCU CREDIT UNION (partner site)

STOUGHTON BANK (Real Estate)

WORCESTER POLICE DEPARTMENT CREDIT UNION

Click here to search additional Nationwide Bank REO (Real Estate Owned) Properties

Here you can find a directory of organizations within Massachusetts which may have repo cars for sale, foreclosed houses, repossessed real-estate, RVs, in addition to boats. Credit unions and banks in Boston, Worcester, along with other cities have great deals for investors that are interested. Since the lenders are not experts in the property and auto sectors, they may be ready to sell the reclaimed house at discounted rates to recover money lost on loans. Keep in mind that the procedure for selecting repossessed items will vary in accordance with the policies of the lending institution.

New Jersey Repo Boats, ATV's, RV's, REO Property, Cars, Trucks, Airplanes, and More.

AFFINITY FEDERAL CREDIT UNION

ELIZABETH NEW JERSEY FIREMAN'S FEDERAL CREDIT UNION

GCF BANK

SOUTH JERSEY FEDERAL CREDIT UNION

SOUTH JERSEY FEDERAL CREDIT UNION (RV's)

UNION BUILDING TRADES FEDERAL CREDIT UNION

UNITY BANK (Real Estate)

Click here to search additional Nationwide Bank REO (Real Estate Owned) Properties

Above you'll find a directory of places inside New Jersey that have repo cars for sale, foreclosed homes, repossessed real estate property, mobile homes, in addition to watercraft. Lending institutions within Trenton, Newark, and other towns offer opportunities for those who are curious. Given that the loan companies are generally not in the real estate and auto sales sectors, they are usually ready to sell the repo property at discounted rates to recoup money lost on loans. Keep in mind that the process for purchasing repo items will be different in accordance with the guidelines of a given lender.

Delaware Repo Boats, ATV's, RV's, REO Property, Cars, Trucks, Airplanes, and More.

COUNTY BANK (Real Estate)

SUSSEX COUNTY FEDERAL CREDIT UNION (Real Estate)

SUSSEX COUNTY FEDERAL CREDIT UNION (Vehicles)

WSFS BANK (Real Estate)

Click here to search additional Nationwide Bank REO (Real Estate Owned) Properties

Here you can see different credit unions and banks that have bank repo cars for sale within Delaware. Repo properties, such as watercraft, recreation vehicles, residences, cars, or pickups are available around Dover, Wilmington, and other cities throughout the state. Creditors that initially reclaimed the particular collateral property are often ready to sell at a sizable discount, since their strong point is in lending, and not vehicle or home sales. Each lender will have their own approach to selling off repossessed property

http://www.repofinder.com/search.php?s=DE

Thursday, December 2, 2010

http://www.herald.ie/national-news/city-news/nows-your-chance-to-get-a-bargain-luxury-sports-car-2445235.html

Now's your chance to get a bargain luxury sports car
CLEAROUT: Once-wealthy owners forced to sell at fraction of price

Getty Images

Aston Martin DB9
Also in City News
Dublin airport shuts runway twice due to snow
Treacherous conditions as more snow falls
Send in your snow pictures
Gran forced to jump from hijacked car
Dublin's Kisses gets award nod for 'Best Foreign Film'
City News Home

Thursday December 02 2010

LUXURY cars like Aston Martins, Land Rovers, and Jaguars are being seized for resale by Dublin's bailiffs -- as their previously wealthy owners have plummeted into crippling debt.

But the high-end cars are being sold for a mere fraction of their original cost as the bailiffs find it difficult to shift them.

Dublin county sheriff John Fitzpatrick told the Herald: "The cars we've been getting are all higher range.

"They're Jaguars, Mercedes, BMWs, but they've dropped enormously in value and they're very hard to sell.

"We sold an Aston Martin last October, just over a year ago.

"When that car was bought new, I understand it was bought for €250,000 but we sold it for €39,000.

"We sold a 2006 BMW diesel 5-series which was automatic and €15,000 was the most we could get for it."

Up to 20 luxury cars have been seized by the county bailiffs in the past three years, and are proving hard to sell.

"It's very hard nowadays to sell a car like an Aston Martin. It [entails] big tax, and it's a big drinker on petrol."

A garage owner purchased the car when it was repossessed by the County Sheriff, but a few months later, he still had not made the sale.

"He had it up on his website for €69,000 and I asked him had he sold it, and he said he hadn't. People don't want them."

"If you take a three-litre Range Rover, the road tax on that alone is €1,400 or €1,500, and if you have a four litre, it's €2,000. People are not going to pay for them."

Mr Fitzpatrick admitted that certain families who experienced great wealth during the Celtic Tiger years are now being forced to hand over their most prized possessions.

"It's dreadful to see the way people are. We're talking about people who ran a business properly and who would pay their debts if they had it, but there isn't any money."

Meanwhile, a spokesperson for the Dublin City sheriff stressed: "We take hardship into account and we really try to help someone who's genuinely in trouble, we gently extract money from them. If there's a reaction of horror and shock we deal with them sympathetically."

hnews@herald.iehttp://www.repofinder.com

Sunday, September 26, 2010

http://chicagoist.com/2010/09/26/repo_men_of_reality.php

Repo Men of Reality

Photo By National Geographic

Unlike what’s shown on TV, the repo men of reality adhere to professional standards that don’t get into altercations with debtors and prefer stealth movements.

“Unfortunately these shows are on TV, people watch them and think this is repossession; it’s not, it doesn’t even come close to it,” said David Knopp, owner and operator of Republic Recovery Service.

The rogue fly by night operators who would share similar traits to the show “Operation Repo” are long gone. The Illinois Commerce Commission regulates the repossession business where it’s mandated to be licensed, insured and in compliance with the Illinois Vehicle Code for commercial relocation.

The commission regulates 61 repossession businesses within Cook, DuPage, Will, Kane and Winnebago counties, according to their 2008 annual report (pdf), the most recent available.

Knopp has been in repossession for 30 years experiencing all the trends. The job demands grueling hours where agents scour the area everyday extending beyond a 100-mile radius of their Blue Island location.

Assignments are issued from finance companies and pay is based off the recovery of collateral - cars are most commonly repossessed. The most popular cars repossessed are low end sedans. During the 90’s it was the Chevy Cavalier and now it’s the Pontiac G6.

Republic Recovery Service thrives from maintaining a consistent work load; between 25-30 cars are repossessed in a week. In 2009 at the height of the recession there were 30 assignments coming in daily, it has now subsided.

Chicagoist got to ride shotgun showing you what the real repossession world is like:

Thursday, September 16, 2010

http://www.cnbc.com/id/39192246/

http://www.ksl.com/?nid=148&sid=12447945

Utah remains in top 10 states for foreclosures

September 16th, 2010 @ 8:00am

SALT LAKE CITY -- The number of homes lost to foreclosure nationwide jumped nearly 4 percent in August. Utah is still in the top 10 for foreclosures, and the experts say the situation is likely to get worse before it gets better.

US homes lost to foreclosure up 25 pct on year
Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis.

The numbers from RealtyTrac, Inc. show there were more repossessed homes in August than in any other month since the mortgage crisis began three years ago. The report shows 95,364 homes were foreclosed -- that's up 25 percent from August 2009.

There is some good news. The number of properties entering foreclosure actually slowed for the seventh month in a row. Experts say that is due to lenders allowing borrowers who miss their payments to stay in their homes longer.

Highest foreclosure rates

Nevada
Florida
Arizona
California
Idaho
Utah
Georgia
Michigan
Illinois
Hawaii

Rick Sharga, RealtyTrac senior vice president, says the number of foreclosures may continue to increase before the economy stabilizes. He predicts at best we'll see another record-level year of foreclosures in 2011 before the numbers begin to improve.

In Utah, one in every 230 housing units received a foreclosure filing in August. That's slightly worse than the one in 242 homes foreclosed the previous month.
More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year.
Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice.

Tuesday, September 14, 2010

http://www.wpri.com/dpp/news/12_for_action/call12-car-loan-modifications-buyer-beware

Buyer beware for car loan modifications

Companies prey on fear of repossession

Updated: Tuesday, 14 Sep 2010, 2:55 AM EDT
Published : Tuesday, 14 Sep 2010, 2:52 AM EDT

PROVIDENCE, R.I. (WPRI) - Could you deal without your car? If you're having trouble making payments on your car loan, beware if a company comes calling, offering to modify your car loan -- many of these companies are simply not keeping their promises, and stranding drivers with worse debt.
Paula Flemming of the Better Business Bureau tipped off Call 12 For Action to this unscrupulous practice. Auto loan modification companies are following in the footsteps of mortgage modification companies -- targeting struggling families just trying to keep their heads above water.
Flemming said there's been an increase in cars being repossessed due to high unemployment in Rhode Island and around the country. Last year, 1.9 million cars were repoed.
Crooked companies are preying on the fear of repo. A family or individual might get a phone call from a company offering to lower their payments, and "they quickly act," said Flemming.
But if you act before researching that loan modification company, you could find yourself in even bigger trouble -- like a driver given the wrong directions. Some of these companies, said Flemming, don't just fall short on their promises -- they might not even modify the loan at all!
If you're having a hard time making payments, first ask your lender to adjust your payment plan. If you do want to go to a new company, at least do your research, and check the company's reliability report with the BBB.
And always beware of advance fees; it's a red flag, even if the company says they'll give you a money back guarantee.
"You could have initially dealt with your lender and not pay any fees," advises Flemming. "[The crooked loan companies] are digging you further into a hole."
The final common sense check: get everything in writing. Ask the company's rep to send you documentation, a copy of the loan agreement or contract. Make sure it discloses the services they will provide and their terms, including any refund policies.

Wednesday, August 18, 2010

http://www.cutimes.com/News/2010/8/Pages/NCUA-Warns-CUs-About-Perils-of-Indirect-Lending.aspx

Home Sections News Research Careers Blog Directory Web Seminars Calendar Subscriptions

NCUA Warns CUs About Perils of Indirect Lending 8/18/2010

By David Morrison

The NCUA wants credit unions to exercise significant care when making loans in partnership with third party vendors or organizations.

“NCUA examiners are reviewing Call Reports for increasing amounts of repossessed autos or increasing indirect lending delinquency and loan losses,” the agency wrote in an August letter to credit unions on the topic. “In addition to those obvious danger signs, examiners are also looking for other warning signs or red flags that may require a credit union to slow down indirect lending.”

Some of the red flags include having a high concentration of indirect loans to total loans or net worth without adequate controls in place; tying loan officer bonuses to indirect loan volume incentive programs and not performing adequate analysis of overall indirect loan portfolio performance.

“Credit unions should regularly test for compliance with the contract terms by comparing delinquency, loan losses, and rates of return to previous results and budget levels,” the agency instructed. “These statistics and those from the static loan pool analysis should be compiled for each vendor and the overall program. Credit unions should implement changes based on the analysis of the program and individual vendors participating in the program,” the NCUA added.

The NCUA wants credit unions to exercise significant care when making loans in partnership with third party vendors or organizations.

“NCUA examiners are reviewing Call Reports for increasing amounts of repossessed autos or increasing indirect lending delinquency and loan losses,” the agency wrote in an August letter to credit unions on the topic. “In addition to those obvious danger signs, examiners are also looking for other warning signs or red flags that may require a credit union to slow down indirect lending.”

Some of the red flags include having a high concentration of indirect loans to total loans or net worth without adequate controls in place; tying loan officer bonuses to indirect loan volume incentive programs and not performing adequate analysis of overall indirect loan portfolio performance.

“Credit unions should regularly test for compliance with the contract terms by comparing delinquency, loan losses, and rates of return to previous results and budget levels,” the agency instructed. “These statistics and those from the static loan pool analysis should be compiled for each vendor and the overall program. Credit unions should implement changes based on the analysis of the program and individual vendors participating in the program,” the NCUA added.

Tuesday, August 17, 2010

http://www.sltrib.com/sltrib/money/50125049-79/loans-auto-credit-loan.html.csp

Consumers loans harder to come by, except those for autos

By LESLEY MITCHELL

The Salt Lake Tribune

Updated 1 hour ago Updated Aug 17, 2010 04:38PM

It’s more difficult — impossible for some — to get a home loan or refinance these days. Ditto for credit cards. And small business loans? Don’t even consider applying for one unless you have a financial house in order.

But auto loans? Not so much. Bad credit, bad credit — it seems like most people these days are still able to finance the purchase of an automobile.

“It’s amazing just how the auto loan industry has relaxed their lending standards, even in just the last 90 days,” said Al Bingham, the Utah author of The Road to 850,” a book about the nation’s credit scoring system.

The goal, of course, is to move cars off lots at a time when many consumers can’t — or don’t want to — make a major purchase.

That’s why General Motors recently agreed to purchase AmeriCredit, a provider of subprime loans made to borrowers with less than perfect credit. Analysts say the acquisition could boost the automaker’s sales by 10 percent to 20 percent a year by giving the carmaker broader control over auto-loan approvals, especially to those with less than good credit.

So why has subprime car lending continued long after subprime home loans have virtually disappeared amid the housing crisis?

For starters, auto loans to those with less than perfect credit don’t carry the risk to lenders than high-risk mortgages do. Customers pay exorbitant interest rates — in some cases pushing 30 percent — and cars can be repossessed fairly quickly and easily if borrowers stop paying. Seizing a home is a much more time-consuming and expensive process.

And many borrowers remain highly committed to their car loans and will stop paying on their credit cards and other debts — even on their mortgages — before they stop paying the loan that gives them a way to get to work or anywhere else the need to go.

Story continues below Sheriff: SC mom killed kids, dumped car in river

Updated Aug 17, 2010 03:50:34PM 0 Comments

Murder charges sought in boys’ deaths in SC river

Updated Aug 17, 2010 06:19:35AM 0 Comments

But there are signs of trouble in the auto lending industry. Auto loan defaults rose sharply in July by 16 percent from June, according to a report released last week by Standard & Poor’s and credit-reporting company Experian.

While mortgage loan and credit card default rates fell slightly, rates for second mortgages and auto loans rose. The default rate on auto loans in particular increased to 1.9 percent in July from 1.6 percent in June, reversing six months of declines.

“It may be an early warning sign, “ said David M. Blitzer, a Managing Director at Standard & Poor’s.

The problem for many car dealers right now, Bingham said, is that the people who can truly afford to buy a car right now don’t want to buy. Many people are holding on to cars longer and delaying vehicle purchases.

But there are a number of borrowers who need a car or want to buy one even if they aren’t in good shape financially.

Since the economy has tanked, the federal government has been pushing incentives for consumers to buy homes, cars and other items — and encouraging financial services companies to lend — in an effort to stimulate the economy.

But credit experts like Bingham aren’t sure that subprime auto loan ultimately are good for consumers — or the economy as a whole. “Is a 20 percent interest rate going to help someone, or make their financial situation worse?” he asks. Plus, a rash of auto-loan defaults down the line could hinder the nation’s economic recovery.

But Craig Bickmore of the New Car Dealers of Utah said it’s important to note that the car-loan industry didn’t bring on the financial crisis and that default rates on vehicle loans overall are much lower than default rates on other types of loans.

http://www.glendalenewspress.com/news/tn-gnp-autos-20100818,0,2410783.story

Car dealers hanging on to improved sales figures

If anyone is pleased with the lukewarm national retail sales figures for July, it is probably auto dealers.

Car sales represent the brightest spot in the Department of Commerce figures released Aug. 13, which overall showed a 0.4% gain in retail and food spending over the previous month. But auto sales were up nearly 9% from July 2009 and 1.7% from June.

"It is better news," said Jeanne Brewer, owner of Acura of Glendale. "We're seeing a little increase over what we were doing last year. The good news is we're also starting to see a few more people out into the marketplace, making decisions to repair their vehicles."

At Star Auto Group on Brand Boulevard, sales of Mazdas were up 67% compared to the same period last year. Sales at the group's Ford unit were up at least 21%, said owner Steve Bussjaeger.

"We are selling more cars and trucks, no question," he said.

Buyers remain mileage-conscious, with makes such as the Ford Fusion and Focus leading the charge, he added.

But Bussjaeger saw reasons for caution, as well.

The relatively large increases in sales mask what was "a very deep low" last year.

"The auto sector probably got hit harder and were down further than everybody, so it doesn't surprise me that we are up," he said.

The Brand Boulevard of Cars is an especially important source of sales tax revenue for the city, so any recovery there would impact city coffers.

The uptick in sales was stronger earlier in 2010, with sales flattening out in summer. The Department of Commerce statistics show car sales up overall in July compared to June, but that was after a slowdown compared to May.

Comparisons to last year will grow tougher next month, when the federal cash-for-clunkers program was at full throttle.

Brewer and Bussjaeger said the business continues to experience a hangover from the credit crunch, with some car buyers returning autos to the lots to be repossessed by lenders.

"That never used to happen at all until about a year-and-a-half ago," Brewer said. "

Still, bright spots in the entertainment and film production industries in terms of job recovery has had a noticeable effect on business, she added.

"Fifty percent of our business comes from people in the entertainment industry, which creates a lot of jobs in our area," Brewer said. "A few more projects getting funded, and we're starting to see that population come back into the dealership, which has really been terrific."

Tuesday, March 2, 2010

Repo Man: The Job, The Misconceptions, The Reality

Repo Man: The Job, The Misconceptions, The Reality

Posted: March 1, 2010 10:55 PM

Updated: March 1, 2010 11:00 PM

By Danielle Grant, Local News 8 Reporter
In good times and in bad, it's an industry that never fails.
The Repo Man keeps collecting collateral.
Even though the economy is at a stand-still, local recovery businesses are cashing in on the banks' recent surge in repossessions.
We talked with several repossession companies who say they're up about 20-percent compared to last year.
And their business isn't coming from the kind of people you may think.
It's a job that'll survive no matter the economic conditions.
But there are many misconceptions about the industry and how the job gets done.
Mission: travel trailer in Idaho Falls.
Their trucks roar to life and out the gates they go.
"There's always going to be a percentage, always. That's what keeps us in business," explained Brad of Recovery International.
In the good times, people live above their means.
In the bad, sometimes they just can't keep up.
And that's where Brad comes in.
"Just because we're there and at you're door doesn't mean that you have to be ashamed. This happens to everyone," said
He says it's not just the drug dealers and alcoholics he deals with but good-upstanding citizens.
And no matter who you are, he treats everyone with the same respect and dignity they deserve.
"In order to get into trouble, I've got to cause the problem because we make sure people know what's going on and diffuse the situation before it even gets out of hand," Brad said.
Brad believes shows like "Operation Repo" dramatize what really goes on while they're picking up cars.
"We're good guys in a bad industry," he said.
The travel trailer wasn't home.
So now to the Blackfoot area to repo a truck and Jaguar.
They find the truck, back in and get ready to grab and go.
Soon later, the man parted with his 1961 Jaguar too.
Down the road, they haul both to the East Idaho Auto Auction where inside the auctioneer hollers prices and car dealers throw out bids.
"Last week, we ran 62 repos and that's double the number of repos we typically run in a week. And out of those 62 repos, we sold 59 of the repos. You can see not only was the supply increased but the demand was right there to support it," Cade Rindfleisch, owner of East Idaho Auto Auction.
Although it comes down to strictly business, picking 'em up and getting 'em sold, a little bit of compassion comes along too.
"It breaks my heart when there's a vehicle I have to pick up and there are three car seats in it. It absolutely breaks my heart. People say, "How do you do that?" Because I have to. That's my job," Brad explained.
Feeding his family, making ends meet and just doing his job.
That mission: is accomplished.
Brad reminds folks if you're trying to avoid your car being repossessed you're just prolonging the inevitable.
And someone, somewhere down the line will eventually pick it up.
Brad says it can take 5 minutes, 5 months or even years to track down a repo.
But no matter the time it takes, they get paid the same flat rate every time.