Repossessions Archives

Regulators slap bank hard for improper vehicle repossessions

Wells Fargo Bank has been on the receiving end of stern criticism over the past months for a scheme that involved more than a million fraudulently opened bank accounts. While that scandal has engulfed the company in controversy, a less-publicized scandal has mostly flown under the media's radar. Wells Fargo was recently fined $24 million by regulators for improper vehicle repossessions. The company repossessed cars from military personnel without first getting the required paperwork. 

REPO AGENT ARRESTED FOR BREAKING WOMAN'S BACK

I saw another reference to another example of repo agent violence. As reported by CU Collector.com, "A homeless woman's spine was fractured when she was hit by a 30 year old Repo Man and his partner as she attempted to remove her belongings from a repossessed Honda that she had been sleeping in according to prosecutors."

Title Loan Repossessions

There now may be additional avenues to fight Title Loan repossessions.I reported last year that Pennsylvania is finally cracking down on unfair, unlawful Title loans. I get calls about these often high-interest loans very often.

Unlawful Repossessions: Holding the Vehicle Hostage

I see this scenario fairly frequently. Whatever the reason that the repossession was unlawful, the repossession company will not release the vehicle to the consumer, unless the consumer pays its fees and/or signs a Release. This happens even where the bank has instructed the repossession company to release the vehicle to the consumer. Unlawful repossessions are sticky this way.

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