Washington repossession rates are on the rise

Auto loan defaults are on the rise in Washington State lately. Lenders are not sure why consumers are not making their payments, many have not been paying for months.
By: Portland Auto Recovery
 
SEATTLE - March 12, 2015 - PRLog -- According to the Washington Banking Association (WBA), many of the people they originally made the loans to are now hiding the collateral from not only the bank, but also the repo man.  WBA President Tami Rogers says that many local credit unions and banks have been unable to locate and get their collateral back.  They are sending out the repossession order to their normal companies, but the repo agents can't seem to find the cars.  According to Washington Repossession Laws, it is not against the law for a borrower not to pay their note.  In fact, the only remedy a lender has is to hire an expert auto recovery company to get their collateral back.

Rogers says that lately his credit union executive members and national banks have found a solution to getting their units back, they have found that one local company has excelled at finding and getting hard to find repo units back.  Portland Auto Recovery has been in business for over 10 years.  Many of the asset adjusters on staff have over 20 year’s experience, plus, Portland Auto Recovery has its own Skip Trace department, something many smaller and local repossession companies do not have.  Rogers says that Portland Auto Recovery has gotten back every unit that the credit unions have requested repossessed, and Portland Auto Recovery got the job done fast.

Rogers likes the fact that Portland Auto Recovery works in both Oregon and Washington, since many people seem to move from one state to another, often times without notifying the bank of their new address.  Portland Auto Recovery makes short work of finding these debtors.  Rogers says that even though Portland Auto Recovery is known as a relentless recovery company, he has not heard of one complaint of bad customer service from a person who has had their vehicle repossessed by Portland Auto Recovery.  "They really know what they are doing, and they have saved us thousands of dollars in charge-off default accounts", said Steve Smith, a local credit union collections manager.  "Our normal first placement repossession company just couldn't get the job done, so we re-assigned all of our repossession orders to Portland Auto Recovery and they found all 24 cars within 2 weeks" says Smith.  Rogers added, "If you have not made your payment or you’re hiding your vehicle from the repo man, it's only a matter of time before Portland Auto Recovery locates it and repossesses it".

Portland Auto Recovery is based in Portland, OR.  They have offices in Vancouver, Olympia, Kent, and Pasco Washington.  Their offices in Washington are located in Longview, Yakima, and Kent.  Portland Auto Recovery also makes keys to repossessed units, writes detailed condition reports, offers secure storage, and also provides auto auction transport services.  They have certainly filled up the local auction lanes with fresh repo units lately.

Media Contact
Kara Keys
kkeys@portlandautorecovery.com
503-683-3432
End
Source:Portland Auto Recovery
Email:***@portlandautorecovery.com Email Verified
Tags:Repossession, Repo, Auto Loan, Washington Repo, Oregon Repo
Industry:Banking, Financial
Location:Seattle - Washington - United States
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