Now Servicing Bakersfield and Fresno!!!

 

Repossession Insurance Is A Must! 

 

HAVE YOU READ THE FINE PRINT OF YOUR AGENT'S INSURANCE POLICY?

Don't be fooled by companies who use outside adjuster's/repossessor's who don't have insurance.  The company may very well have insurance, but their outside adjuster/repossessor and their PERSONAL tow truck (Not Company Owned) is not insured with actual repossession insurance, which means your collateral is not insured.  This is a much more common practice than many think.  In this day and age most companies will do anything they can to save a dollar and stay competitive.  However, in this day and age it is not wise because of the amount of people who file frivolous lawsuits.  This kind of behavior puts your financial institution and that repo company in grave danger of having a lawsuit that is not protected with insurance and lack of on-hook coverage.

Michael P. Allen & Associates has company owned vehicles with company insurance for up to $3,000,000.00. 

We have liability, collision, comprehensive, on-hook and garage-keepers so that you can rest assured that your insured.  Therefore your collateral is insured from the time of repossession until it leaves our facility.

We are also bonded with a $5,000,000.00 bond through the American Recovery Association (ARA), a $5,000,000.00 bond through Time Finance Adjusters (TFA) and $1,000,000.00 bond thru National Finance Adjusters (NFA).

 

Are You Protected!

 

 

Money Doesn't Grow On Trees!

Make Sure Your Financial Institution Is Using a Licensed, Bonded And Insured Professional,

Otherwise Your Company Could Be In News Articles Similar To Those Below.

The following are actual news stories and are not fictitious!

 

Man Arrested After Rift with Repo Man in Palm Springs!
 

Updated: Nov 7, 2007 07:46 PM
KESQ.com news services

Palm Springs police arrested a repossession agent and a man who sprayed him with a garden house as a vehicle was being recovered, a sergeant said.

The tiff in the 2300 block of Finley Road occurred about 7 Tuesday night, Palm Springs police Sgt. Mitch Spike said. He said 34-year-old Lincoln Walker of Palm Desert went to retrieve a vehicle from someone who was behind on payments.

During the repossession, the owner's roommate, 45-year-old Mark Todd, got Walker's permission to remove personal items from the car, Spike said. But tension rose when Walker asked Todd for the keys, and Todd denied having a set.

Todd "demanded that Walker take the vehicle and leave the property," Spike said. "When Walker refused to leave, Todd allegedly turned on a garden hose and sprayed Walker."

Walker whipped out a collapsible baton and brandished it at Walker, according to Spike.

When police arrived, both were arrested -- Todd on suspicion of misdemeanor battery, and Walker on suspicion of possessing of an unlawful weapon, a felony, and brandishing a weapon, Spike said.

The pair were booked at the Palm Spring Jail and released, he said.


Man Left For Dead, Sues Car Lot!
 

St. Petersburg, Florida – A St. Petersburg man has filed a civil action suit against the used car lot he says is behind a vehicle repo gone bad.


On July 12, Mick McFadyen says a repo man showed up to his house on the 4400 block of 50th Avenue North, hopped into his jeep and started to drive off.
“And I come flying out to stop him from taking the jeep,” McFadyen explained, adding that he has completed every payment on time since he bought the car February 7.

As he rushed out to stop the repo man, McFadyen tripped and the jeep ran over him.

McFadyen was rushed to Bayfront Medical Center, where he spent a week in the trauma ward and was treated for a broken right shoulder, damaged knee, multiple broken ribs and a punctured lung.

Police charged James Anderson, the repo man, with one count of reckless driving, one count of leaving the scene of a crash involving injury and one count of driving on a suspended or revoked license.

According to the Florida Division of Licensing, Anderson is not registered as a repossession agent in the state, nor is Exceptional Car and Truck Sales, the car lot he was working on behalf of.

Tim McDevitt, the owner of the lot, says Anderson is a subcontracted employee and is no longer working for him. McDevitt added he is working with his attorney to respond to McFadyen’s complaint and declined to comment further.

The repossession industry is regulated by the Florida Department of Agriculture. For a repossession to be legal, both the agent and the car lot must be licensed by the state.


Toddler Injured During SUV Repossession!
 

AURORA, Ill. (WBBM)  -- A 4-year-old boy is recovering from minor injuries after falling from an SUV that was being towed away by a repossession company. 
             
Aurora police received a call from a man at a home on Aurora Northeast Side claiming he had stopped at a home to pickup another child as a tow truck pulled away with the SUV he was driving with the toddler still inside.
            
Police spokesman Dan Ferrelli says as officers were responding to the intital call when  a second call came in reporting that child had just jumped from an SUV and was in need of medical attention.
           
The boy from Naperville was treated for minor injuries an at area hospital.
          
Investigators later learned that two men working for a repossession firm spotted the SUV, quickly checked to see if anyone was inside but apparently didn’t spot the boy in the backseat.  The SUV was then hooked-up to the tow truck and driven away.
          
The tow driver and a co-worker noticed the child jump from the moving SUV a short distance later, pulled over and called police.  
        
Aurora police say they are investigating the tow company to make sure all regulations were followed.