DIRS.INFO The most relevant business & tech news

☆ Fifth Third bank hit must pay penalties for repossessing cars and forcing auto insurance on customers
▼ + stars: | 2024-07-09 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

The CFPB said it was imposing penalties on the bank for illegally charging customers for unnecessary auto insurance policies. “Fifth Third Bank demanded borrowers pay for coverage they did not need or else face delinquency, additional fees and repossessions,” the agency said in a statement. For its illegal auto insurance activities, the bank must pay $5 million in redress to affected customers, the CFPB said. In 2015, the bank was ordered to pay $18 million to harmed Black and Hispanic borrowers in what CFPB charged was discriminatory auto loan pricing. And it was ordered to pay $3 million to harmed consumers and a $500,000 penalty for illegal credit card practices.

Persons: ”, Rohit Chopra, CFPB, incentivize, ” CFPB, Susan Zaunbrecher Organizations: New, New York CNN — Fifth Third Bank, Consumer Financial, Bureau, Third Bank, Bank, Fifth Locations: New York, Cincinnati , Ohio, Midwest

☆ Inside the downfall of Henrik Fisker's second automotive startup, which just filed for bankruptcy
▼ + stars: | 2024-06-18 | by ( Grace Kay | ) www.businessinsider.com time to read: +19 min

AdvertisementA Fisker spokesperson said it would be "unfair" to compare the two companies. A Fisker spokesperson denied comments that Henrik took on a more passive role and said he was "deeply involved." AdvertisementA Fisker spokesperson said Magna was responsible for testing and releasing the Ocean and it had been fully certified by regulators in the US and Europe. A Fisker spokesperson pushed back on the comments questioning Henrik's business prowess. For Henrik, whose earlier company, Fisker Automotive, filed for bankruptcy in 2013, his present predicament echoes the past.

Persons: —, Henrik Fisker, Wendy Gruel's, Geeta Gupta, Gupta, Henrik Fisker's, James Bond, Henrik, Fisker, Rivian, Tesla, Phil McCarten, Magna, hadn't, YouTuber, Marques Brownlee, Kurt Mechling, he'd, they'd Organizations: Service, Business, TechCrunch, Aston Martin, BMW Z8, Magna International, Fisker Inc, Apollo Global Management, Tesla, Ford, GM, Magna, Reuters, Fisker, Business Insider, Engineers, Traffic Safety Administration, NHTSA, Technicians, California Bureau of Automotive, BI, New York Stock Exchange, Fisker Automotive Locations: Fisker, Europe, California, Graz, Austria, Panera

☆ Inside Henrik Fisker's second failed automotive startup
▼ + stars: | 2024-06-12 | by ( Grace Kay | ) www.businessinsider.com time to read: +18 min

AdvertisementA Fisker spokesperson said it would be "unfair" to compare the two companies. A Fisker spokesperson denied comments that Henrik took on a more passive role and said he was "deeply involved." AdvertisementA Fisker spokesperson said Magna was responsible for testing and releasing the Ocean and it had been fully certified by regulators in the US and Europe. But in the year since the Ocean's release, the company has delivered around 7,000 vehicles, a Fisker spokesperson said. A Fisker spokesperson pushed back on the comments questioning Henrik's business prowess.

Persons: —, Henrik Fisker, Wendy Gruel's, Geeta Gupta, Gupta, Henrik Fisker's, James Bond, Henrik, Fisker, Rivian, Tesla, Phil McCarten, Magna, hadn't, YouTuber, Marques Brownlee, Kurt Mechling, he'd, they'd Organizations: Service, Business, TechCrunch, Aston Martin, BMW Z8, Magna International, Fisker Inc, Apollo Global Management, Tesla, Ford, GM, Magna, Reuters, Fisker, Business Insider, Engineers, Traffic Safety Administration, NHTSA, Technicians, California Bureau of Automotive, BI, New York Stock Exchange Locations: Fisker, Europe, California, Graz, Austria, Panera

☆ Target fired me after I let a worker buy a Stanley cup. The emotional and financial toll have been severe.
▼ + stars: | 2024-02-20 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +6 min

Target fired me after I allowed one of my baristas to buy a Stanley x Starbucks cupI never even bought a Stanley cup for myself — I hate the cups if we're being honest. Getting fired emotionally destroyed me because I'd spent the past eight months putting all of my time and energy basically rebuilding the store’s entire Starbucks team. I would go on Indeed.com and apply for every single job that I qualify for — and jobs I was overqualified for. Now I'm going to look at every single job as a means to an end. I'm going to make sure I read every single page of that employee handbook, and if there's something I don't understand, I'm going to get clarification on it.

Persons: Nikcole Smith, I'd, I’ve, Burger King, I’d, I've, I'm, they've Organizations: Starbucks, Target, Stanley, Business, Medicaid, Walgreens Locations: Baltimore , Maryland, Indeed.com, Burger

☆ More people are missing car payments in another ominous sign for the economy
▼ + stars: | 2023-10-21 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

A record number of subprime borrowers are behind on auto loan payments by more than 60 days. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementA record number of subprime borrowers are behind on their auto loan payments by 60 days or more, according to figures from Fitch Ratings reported by Bloomberg. More than a third of Americans are considered subprime borrowers, according to an Experian study, meaning they have lower credit scores and are deemed less likely to meet their repayments on loans. AdvertisementAdvertisementFor subprime borrowers, rates for new cars average 11.5% and 18.5% for used autos, according to Experian.

Persons: —, Margaret Rowe, Zers Organizations: Fitch, Bloomberg, Service, CNN, Fed, Economic, Cox Automotive Locations: Edmunds

Steve Perkins, 39, was killed by police Sept. 29 in Decatur in a confrontation that began with a tow truck driver trying to repossess Perkins’ truck. The driver reported that Perkins flashed a gun, so officers accompanied the driver when he went back to the home, police said. The Decatur Police Department said Perkins “turned the gun toward one of the officers,” and they shot him. The Alabama Law Enforcement Agency said Perkins had a handgun with a light on it. In a statement, Perkins' family said his truck was not in repossession, which is why he was disputing the tow.

Persons: Steve Perkins, repossess Perkins, Perkins, Perkins “, Lee Merritt, Merritt, WAFF, ” Merritt, they’re, Steve, Tab Bowling, “, ” Nicholas Perkins Organizations: The Decatur Police, Agency, Associated Press, Attorney’s Office, Decatur, Decatur City Locations: DECATUR, Ala, Decatur, Alabama, repossession, City, Morgan County, Decatur City Hall

☆ Dubai Aerospace flags corrosion in plane leased to India's bankrupt Go First
▼ + stars: | 2023-09-14 | by ( Arpan Chaturvedi | ) www.reuters.com time to read: +2 min

REUTERS/Adnan Abidi/File Photo Acquire Licensing RightsNEW DELHI, Sept 14 (Reuters) - Dubai Aerospace Enterprise (DAE) Capital has told an Indian court it detected corrosion of some parts and "a greenish deposit" on a plane leased to bankrupt airline Go First, after another lessor complained about "robbed" parts. The lessors currently are only allowed an occasional inspection of the grounded Go First planes, which DAE and others claim are not being properly maintained. DAE court documents show it was worried about a lack of covers on cabin and cockpit seats "which would eventually lead to fungus formation", according to an internal e-mail contained in the filing. Indian media outlet Mint reported on Thursday that another lessor, BOC Aviation, also told the Delhi court about algae formation as the planes were not covered. Go First lessor SMBC Aviation Capital Aviation in May told an Indian court that Indian bankruptcy law, which blocks plane repossession, will jolt the market and spark a confidence crisis.

Persons: Adnan Abidi, DAE, Arpan Chaturvedi, Aditya Kalra Organizations: REUTERS, Dubai Aerospace Enterprise, Go, ACG Aircraft Leasing, BOC Aviation, SMBC Aviation Capital Aviation, Thomson Locations: New Delhi, India, DELHI, Delhi

Credit scores usually drop at least 100 points or more after bankruptcy is added to a credit report. As such, if a bankruptcy is added to your credit report, it can have a severe negative impact on your credit score. More Information No hard credit report pullReports to all 3 bureausBuild credit AND savingsJoin over 1 million credit buildersUnlock a Secured Credit Card after meeting eligibility criteria24 months loan durationCan you remove a bankruptcy from your credit report? Editor's Rating 4.6/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.7/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.8/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On Aura's website Learn more On IDShield's website Learn more On IdentityForce's websiteFinal thoughtsRemember, bankruptcy is just one of various debt relief options. If you're patient and commit to following good credit habits, your credit score will slowly but surely rise.

Persons: myFICO, you'll, You'll Organizations: Service, Visa, Card, Credit Monitoring, Chevron Locations: Wall, Silicon

REUTERS/George Frey/File PhotoNEW YORK, Aug 4 (Reuters) - Oxycontin maker Purdue Pharma on Friday asked the U.S. Supreme Court to reject the U.S. Department of Justice's request to delay its multi-billion-dollar bankruptcy settlement resolving thousands of lawsuits against it over the opioid epidemic. The department's bankruptcy watchdog last week asked the Supreme Court to pause the settlement, which would shield the company's Sackler family owners from opioid lawsuits in exchange for a $6 billion contribution to a broader settlement with states, local governments and victims of addiction. The Department of Justice (DOJ) asked the high court to put the deal on hold after a federal appeals court rejected a proposed delay. That position was echoed by a group representing 60,000 people who have filed personal injury opioid claims in Purdue's bankruptcy. Similar lawsuits related to the U.S. opioid crisis have resulted in more than $50 billion in settlements with manufacturers, drug distributors and pharmacy chains.

Persons: George Frey, Sackler, Purdue's, OxyContin, Dietrich Knauth, Grant McCool Organizations: Purdue Pharma, REUTERS, U.S, Supreme, U.S . Department, of Justice, Purdue, Thomson Locations: Provo , Utah, U.S, Purdue's

☆ Home foreclosures jumped 13% in the first half of 2023 to the highest level since before the pandemic
▼ + stars: | 2023-07-14 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Foreclosures jumped 13% year-over-year in the first half of 2023, real estate data firm ATTOM reported. However, foreclosure activity in the second quarter was still 65% below pre-recessionary averages. This is the highest January-to-June foreclosure activity since 2019, outpacing the 165,530 filings that occurred in the first half of 2020, when COVID-19 was declared a pandemic. "Although overall foreclosure activity remains below historical norms, the notable surge in foreclosure starts indicates that we may continue to see a rise in foreclosure activity in the coming years," ATTOM CEO Rob Barber said in the recent report. According to ATTOM, foreclosure activity in the second quarter was 65% below the 278,912 averages of the pre-recessionary years.

Persons: Rob Barber Organizations: Service Locations: Wall, Silicon, repossessions

☆ UK's Hunt says banks agree to ease mortgage payments strain
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

LONDON, June 23 (Reuters) - British finance minister Jeremy Hunt said he had agreed new measures with banks and other mortgage lenders on Friday to help homeowners who struggle to meet the cost of fast-rising interest rates. "We agreed some very important things for people who are worried about their rates going up," Hunt said, a day after the Bank of England raised interest rates to 5.0% to fight high inflation. The measures include allowing people who reduce their payments, such as by extending the period of their mortgage or moving to interest-only, to go back to their original package within six months with no impact on their credit rating. Another measure sought to help people at risk of losing their home, with banks agreeing to a minimum 12-month period before a repossession without consent takes place, Hunt said after meeting representatives of the lenders. Reporting by Kylie MacLellan and Muvija M; writing by William Schomberg; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeremy Hunt, Hunt, Kylie MacLellan, William Schomberg, William James Our Organizations: Bank of England, Thomson Locations: British

☆ The High Cost of Bad Credit
▼ + stars: | 2023-06-07 | by ( Mya Frazier | ) www.nytimes.com time to read: +2 min

“I didn’t know any of this.” She also didn’t know what exactly she could do. Clark requested her actual credit reports from the so-called Big 3 bureaus, each of which keeps its own records. So was the unpaid debt for the Dodge Neon and her own voluntary repossession — after seven years, some negative entries have to be removed from credit reports. The free reports didn’t include what Clark most wanted to know, however: her credit scores, the credit bureaus’ numerical prediction of how likely someone is to pay back a debt. She found seminars that cost as much as $1,500 but settled on two e-books, “Boost Your Credit Score” and “Do It Yourself!

Persons: ”, “, Clark Organizations: Facebook Locations: Houston

NEW DELHI, May 30 (Reuters) - India's aviation watchdog has put on hold requests from lessors to repossess planes from Go First, as the airline's bankruptcy process imposes a freeze on assets which supersedes such requests, the regulator said in a court filing seen by Reuters. Lessors of Go First have locked horns with Go First and India's Directorate General of Civil Aviation (DGCA) to reclaim its planes for missed payments, filing as many as 40 requests with the watchdog to allow repossession. Go First's lessors include Standard Chartered's Pembroke Aircraft Leasing, SMBC, CDB Aviation's GY Aviation Leasing and BOC Aviation. India has ratified the treaty but the DGCA argued there was no local legislation enforcing it, rendering it ineffective. The DGCA filing said local laws "prevail over provisions of any international treaty that India is a signatory to".

☆ A budget Canadian airline had 4 of its planes repossessed. Its CEO is blaming a conspiracy.
▼ + stars: | 2023-05-25 | by ( Bianca Giacobone | Taylor Rains | ) www.businessinsider.com time to read: +7 min

In March, lessor Airborne confiscated four of Flair Airlines' planes because of late payments. A low-cost Canadian upstart airline had four of its planes repossessed by New York-based aircraft lessor Airborne Capital on March 11, forcing the carrier to cancel multiple flights and leaving a trail of disgruntled passengers behind. Flair Airlines CEO Stephen Jones blamed "behind the scenes" scheming between the airline's competitors and Airborne Capital for the repossession of four of Flair's Boeing 737 planes. It's not the first time Flair has clashed with other Canadian airlines. US investment firm 777 Partners owns a 25% stake in Flair Airlines, which was cause for concern for the CTA.

Persons: Stephen Jones, Flair, We've, Jones, — Flair, It's, —, Tim Donovan, Donovan, Prince Edward Island Organizations: Airborne, Flair Airlines, Flair, Morning, Capital, Airborne Capital, Boeing, The Canadian Press, Air Canada, BOC Aviation, Financial, Ontario Superior Court of Justice, National Airlines Council of Canada, Canadian Transportation Agency, Partners, CTA, National Airlines Council, Easter, Airways Magazine, Bonza Airlines, Dominican Republic Locations: New York, North America, Canada, Titusville , New Brunswick, Toronto, Saint John , New Brunswick, Charlottetown, Ottawa, Montreal, Florida, Dominican

☆ India’s airline turbulence will be felt abroad
▼ + stars: | 2023-05-17 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

India’s Go First has gone into bankruptcy – the country’s second airline to do so since 2019. Its subsequent public and messy spat with engine suppliers and lessors will have ripple effects across the industry and abroad. Go, the country’s third largest airline with a 7% market share, blames Raytheon Technologies-backed (RTX.N) Pratt & Whitney’s “faulty” engines. A global industry association, Aviation Working Group, has put India on a watchlist for violating global conventions on repossession of airplanes. The trouble at Go may not put them off but it promises some extra turbulence ahead.

☆ Credit Suisse's chief US economist says home prices will likely fall another 5-10% — and that gridlock between buyers and sellers will prevent both appreciation and a larger crash
▼ + stars: | 2023-05-11 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Credit Suisse's Chief US Economist Ray Farris says home prices will see a 'long recession.' Rather, the market is likely to go through a sort of holding period, where activity stays low and prices neither boom nor bust. You can spread the housing market over many more locales in the US and that's what's happening." And the way I think of that, as a base case, it means that even as mortgage rates come down, the housing market doesn't recover rapidly. Morgan Stanley's Ellen Zentner is one economist that — like Farris — doesn't expect a recession, and only sees prices falling another 4% this year.

In granting bankruptcy protection, the National Company Law Tribunal in New Delhi ordered a moratorium on Go First's assets and leases. But bankruptcy protection supersede lessors' repossession requests. Go First's lessors also include SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing. Its voluntary seeking of bankruptcy protection to renegotiate contracts and debt marks a first for an Indian airline, and Chief Executive Officer Kaushik Khona, who was present as the order was read, hailed the tribunal's decision as "historic". The Indian tribunal said the new resolution professional will take "all necessary steps including the execution of the arbitral award".

This is the first time an Indian airline has voluntarily sought bankruptcy protection to renegotiate contracts and debt. But if bankruptcy protection is granted, those laws supersede lessors' repossession requests. Go First's lessors include major global names such as Jackson Square Aviation, SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing. Two advisers to some lessors said there were major concerns that the granting of bankruptcy protection for Go First could force the lessors to embark on lengthy litigation to repossess planes. The person added that the development could lead to higher lease rates for Indian airlines in the future.

India has made it easier for lessors to take back planes if airlines default on payments after joining an international treaty known as the Cape Town Convention. But lack of a proper legislation to enforce the treaty means India's bankruptcy law will supersede lessors' repossession requests, lawyers said. Go First's lessors include major global names such as Jackson Square Aviation, SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing. Bigger rivals IndiGo (INGL.NS) and Tata Group's Air India are charting major expansion plans with hundreds of new planes on order as domestic air travel in India surpasses pre-pandemic levels. Air India did not immediately respond.

[1/2] An Air India Airbus A320 plane is seen at the Boryspil International Airport upon arrival, amid the coronavirus disease (COVID-19) outbreak outside Kiev, Ukraine May 26, 2020. "India is now at that inflection point," Scindia said during an interview at his office in New Delhi. "We are going to see an explosion of air traffic in India in the years to come," he said, adding he wanted domestic carriers to look at international expansion with greater focus. Air India last month placed a record order for 470 jets and is making an aggressive push in the international market. Scindia said India was not looking at increasing air traffic quotas with Gulf states and instead wanted Indian carriers to offer non-stop long haul flights on larger planes.

☆ Ford applies for patent on car that can automatically repossess itself
▼ + stars: | 2023-03-03 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +4 min

CNN —Ford has some interesting ideas about stuff that self-driving cars might soon be able to do. Besides freeing us from the tedium of commuting, cars, as envisioned in a Ford patent application, could repossess themselves. Before getting to the point that the car would simply drive itself away, delinquent payers would be subject to a litany of annoyances. If the owner persists in ignoring these messages, the vehicle would, in the words of Ford’s patent application, “initiate execution of a multi-step repossession procedure.”Step one involves making the owner pay in other ways. It may not have been your idea of the “car of the future” but, if you don’t pay up, it just might be.

☆ Ford wants to allow your car to lock you out — and even drive itself to an impound lot or scrapyard — if you miss payments
▼ + stars: | 2023-02-28 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

Ford wants to patent a system that would let cars repossess themselves if drivers miss payments. If the owner still skips payments, the car could lock them out and drive itself to a repo agency or even a scrapyard. If the owner is still behind on payments at this point, the car may take some pretty drastic action. In yet another case, the repossession system computer may communicate with the computer of the lending institution to identify the car's market value. If it would cost more to repossess the car than the car is worth, the vehicle could even drive itself to a scrapyard.

Depending on the loan type, lenders can repossess collateral or get repayment through other options. In other words, failing to keep up your end of a loan agreement can eventually push your loan into default. Even a short reprieve might give you enough time to get back on track with your loan payments. Loan type Standard amount of time until loan considered default Standard amount of time until nonpayment reported to credit bureaus Student loan 270 days 90 days Auto loan 30 days 30 days Personal loan 30 days 30 days Mortgage 30 days 30 daysQuick tip: The specific timeline of defaulting on a loan can vary based on the lender. As your default period stretches out, you may also rack up thousands of dollars in unpaid interest.

☆ Car repossessions are on the rise in warning sign for the economy
▼ + stars: | 2022-12-17 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Shannon-Pettypiece-Circle-Byline-Template.Jpg | Shannon Pettypiece | ) www.nbcnews.com time to read: +8 min

WASHINGTON — A growing number of consumers are falling behind on their car payments, a trend financial analysts fear will continue, in a sign of the strain soaring car prices and prolonged inflation are having on household budgets. The percentage of auto loans that were 30 days delinquent was at 2.2% in the third quarter compared with 2.35% delinquent over the same period in 2019, according to data from Experian. By contrast, just over 4% of auto loans went into default in 2009. Another risk to car buyers’ finances is the growing length of auto loans, many of which now exceed seven years. It can also mean higher interest costs over the life of the loan on top of already inflated vehicle prices.

☆ UK banks say consumer safeguard could backfire in cost of living crisis
▼ + stars: | 2022-11-16 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

REUTERS/Maja SmiejkowskaLONDON, Nov 16 (Reuters) - Britain's banks are proactively helping customers hit by the cost of living crisis, but implementing a new "consumer duty" on time could exclude vulnerable consumers from help, banking industry body UK Finance said on Wednesday. UK Finance chief executive David Postings said portfolios of lenders have so far stood up to current economic stresses. It is more critical than ever that borrowers and savers are offered fair and competitive rates, Rathi added. UK Finance chair Bob Wigley said he anticipated that finance minister Jeremy Hunt's fiscal statement on Thursday would help restore Britain's "traditional reputation for sound management of public finances" after turmoil in UK bond markets in September. Banks hope Hunt will announce a cut in the tax surcharge on their profits.

Search resuls for: "repossession"

25 mentions found