RSIG - Recovery Specialist Insurance Group

Great first day locksmith training seminar by Royal Key Supply at REPO2025 hosted by RSIG - Recovery Specialist Insurance Group and Allied Finance Adjusters Photos by Adley Haywood Photography. Tomorrow has another great speaker line up and looking forward to supporting the Recovery Agents Benefit Fund throughout the week!

Good Morning!

We all are getting very busy preparing for next week’s REPO2025 (www.repo2025.com) event hosted by RSIG (Recovery Specialist Insurance Group) and AFA.

Help us spread the word and buzz about this amazing co-hosted event by being sure to mention both groups in any conference communications or social media posts, pre, during or post event. Allied is proud to be the oldest industry trade association while RSIG is the only industry organization that can say without a doubt at any given moment that all of our members are properly insured…. RSIG is not just an industry organization, we’re an insurance organization, dedicated to protecting repossessors and their clients for 30 years. Risk management, training and education are paramount to our core beliefs and we are proud to bring that to our members and the industry; as well as the networking and social opportunities that come with an event like this!

We hope you all are looking forward to joining us! We are excited to have you there!

Here’s a little glimpse of what’s to come at REPO2025 – two of the three participants in this podcast are speakers at REPO2025! https://www.troutman.com/insights/cruising-through-change-the-auto-finance-industrys-new-era-under-trump-unveiled-moving-the-metal-podcast.html?utm_source=vuture&utm_medium=email&utm_campaign=consumer%20financial%20services%20advisories%20(2025%20new)

How exactly does a global tech outage impact the repo business? And why should you be concerned?

Friday’s new cycle is filled with stories about stranded travelers, flights being cancelled, hospitals and banks being affected by what is reported as not a cyber attack but a failed tech upgrade that has been identified, isolated and a fix for which is being deployed.

Here in our own offices, we received notice that our payroll company has been affected by this outage and updates will be provided as available.

So what does that mean in a repossessors ability to know and trust they have a present right to repossess? The news has already said banks are affected, but not much is known.
• Can debtor’s make payments on their accounts?
• Can the banks post a debtor’s payment to the account?
• Can the bank communicate account information to the repossessor or the forwarder or assignment broker?
• Can the forwarder receive and communicate updated debtor assignment information the repossession company?
• Can online assignment management programs be updated and communicate information to repossessors?
• If lenders choose to essentially put holds on all accounts until the outage is remedied, how long could that take? When airlines have to halt service due to technical issues, the ramifications can take days. How many repossessions are you losing during that time? And is your insurance payment being reduced because your volume has gone down?
• If you pick up a vehicle during this time and it is later determined that there was no present right to repossess it, whose fault is it and who is going to cover that wrongful repossession claim?
These are questions that even as insurance providers we don’t have all the answers to, but it does seem that they are questions worth thinking about.
Please be sure to check your emails and your assignment portals for any updated information on how assignments may be handled. And if doubt – call and ask!
Do your due diligence!

REPO2024 hosted by AFA and RSIG - Recovery Specialist Insurance Group promises to deliver an outstanding speaker line up, opportunities for networking with lenders and industry vendors and so much more! www.repo2024.net - get registered today!