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Auto Finance Receivables

Auto loans are the most common secured debt in the U.S. If a debtor defaults on an auto loan, the creditor can typically repossess the asset – the car – securing the loan. But if the asset is in a state of disrepair or otherwise diminished in value, the creditor cannot recoup the total balance owed by selling the car. So a deficiency balance is due from the debtor, with the balance becoming a receivable on the creditor’s books.

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FTC’s Recent Enforcement Action Sets New Debt Collection Standards

Buried in the FTC’s announced settlement with an auto lender last week over debt collection practices was a seemingly new set of standards for debt collectors. The directives addressing FCRA and debt collection compliance suggest regulators are toughening certain standards and, in some cases, creating entirely new standards for certain debt collection activities.

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FTC in $5.5 million Debt Collection Settlement with Auto Lender/ARM Firm

The FTC announced a settlement with a national subprime auto lender and debt buyer/collector that will see the company pay $5.5 million in penalties, refunds, and account adjustments. The charges relate to the firm’s collection practices on its own accounts and loans it was servicing as a third party. Combined with a recent announcement from the CFPB, it could signal increased scrutiny on the auto lending and collection market.

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Account Control Technology Expands Services, Hires Michael Magarrell as VP of Strategic Accounts

Account Control Technology, Inc. (ACT), a national leader in delivering debt management and recovery solutions, is pleased to announce that Michael Magarrell has joined the company as Vice President of Strategic Accounts. Drawing on his more than 27 years of experience in the debt collection industry, Magarrell will lead ACT’s expansion into the auto, financial, […]

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BillingTree to Deliver Mobile Payment and Customer Communications Solutions to Auto Finance Industry

BillingTree®, the leader in on-demand payment processing technology, today announced a suite of new solutions that allow auto finance companies to expand mobile payment options to consumers, and to manage and extend customer relationships beyond their initial purchase through digital marketing promotions and value-added customer service.