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.
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."
An ABC affiliate in Utah is reporting the tragic death of a young wife and mother at the hands of a repo-agent. Readers of this blog are aware of just how common-place such repo-related injuries and loss of life have become. It's like the wild-west out there now.
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.
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.
Wrongful or unlawful repossessions often arise out of Yo Yo sales. Yo Yo sales are when after a consumer signs the finance purchase agreement the dealer tries to dishonor it or get a consumer to sign a different finance agreement.