The auto industry is experiencing increased repossessions and some consumers are returning their vehicles, which is a lose-lose situation
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Windham, NH (PRWEB) March 12, 2009
Stephens & Michaels' Avert Repo division is helping customers facing auto repossession retain their cars. Avert works with consumers and their lenders (banks, financial institutions and credit unions) to get consumers back in good standing and prevent repossession.
"We've prevented more than 24,000 repossessions in the last 6 months," says Dan Pellegrini, President of Avert. By the 3rd quarter of 2008, Avert had resolved 49% of the managed accounts. In 2008, auto repossession reached a 10-year high of 3.6 percent, increasing 12% over 2007. Analysts are projecting at minimum a 10% increase once again in 2009, which could bring auto repossessions to over 2 million.
Many financial Institutions have successfully implemented the Avert program in 2008, and Avert expects to reach most of the auto finance industry by 4th quarter 2009.
"The auto industry is experiencing increased repossessions and some consumers are returning their vehicles, which is a lose-lose situation," says Dan. Using the Avert program provides options for consumers to retain their vehicles. 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 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 Dan.
Avert provides auto loan collection services with complete asset management. Avert educates consumers about avoiding repossession and helps them establish new terms that will reconcile their agreement with the lender. Visit http://www.avertrepo.com and http://www.avoidrepossession.com .