Avert Repo Boasts Its Help to Prevent Almost 25,000 Auto Repos
WINDHAM, N.H. — Stephens & Michaels' Avert Repo division says it is helping customers facing auto repossession retain their cars. Basically, Avert works with consumers and their lenders to get consumers back in good standing and prevent repossession.
"We've prevented more than 24,000 repossessions in the last 6 months," reported Dan Pellegrini, president of Avert.
By the third quarter of 2008, Avert said it had resolved 49 percent of managed accounts.
In 2008, auto repossession reached a 10-year high of 3.6 percent, increasing 12 percent over 2007, officials highlighted. They went on to note that analysts are projecting a minimum of 10-percent increase once again in 2009, which could bring auto repossessions to more than 2 million.
Many financial Institutions have successfully implemented the Avert program in 2008, and the company indicated that expects to reach most of the auto finance industry by the fourth quarter of 2009.
"The auto industry is experiencing increased repossessions and some consumers are returning their vehicles, which is a lose-lose situation," pointed out Pellegrini.
Typically, most repossessions result in a deficiency, which is the balance owed after the vehicle is sold at auction. If there is a deficiency balance on the loan after the sale of the vehicle, the customer is held accountable, and is responsible for the balance. Avert said it helps to prevent this from happening by giving consumers options to get back on track with their accounts.
AvoidRepossession.com is an online resource for consumers facing auto repossession. Consumers can visit AvoidRepossession.com to receive educational information about their rights and learn more about programs to help them maintain their vehicles.
"If you need help retaining your vehicle, ask your financial institution about the Avert service," advises Pellegrini.
The company specializes in providing auto loan collection services with complete asset management.