Hertz Global Holdings recently announced its wholly owned subsidiaries, Hertz Corp. and Hertz Equipment Rental Corp., have completed the refinancing of their existing senior secured credit facilities. They have come under a new $1.8 billion asset-based revolving credit facility and a new $1.6 billion senior secured term loan and letter of credit facility. Hertz indicated […] [Read More]

In what could quickly catch the attention of repossession agencies, the Federal Trade Commission recently levied the largest civil penalty in a debt collection case against a collection company for allegedly using aggressive techniques that violated federal law. The commission alleged that West Asset Management violated the FTC Act and Fair Debt Collection Practices Act. […] [Read More]

While CNW Research is reporting that used-vehicle leasing soared in February, J.D. Power and Associates discovered that on the new-vehicle side, the lease penetration rate shot past the 23-percent mark. J.D. Power credits the almost double-digit sequential climb to “more aggressive programs and the domestic brands’ partnerships.” The latter factor, explained J.D. Power senior director Thomas King, refers […] [Read More]

Ford said its Norfolk Assembly Plant property has been sold. The buyer of the plant in Norfolk, Va., is Jacoby Development out of Atlanta. Under the deal, Jacoby has sold part of the plant to global logistics provider Katoen Natie. The Belgium-based company is pumping $12 million into creating a new warehousing and distribution operation […] [Read More]

Carfinco Income Fund recently announced that 2010 was a record-setting year for the company. Carfinco achieved more than $20 million in net earnings for the year, and the return on the average unitholder’s equity for 2010 was 77.2 percent, beating Carfinco’s previous record of 55.3 percent set in 2005. Net earnings of $20.7 million for […] [Read More]

U.S. lease penetration rates jumped almost 6 percentage points last year and reached their highest level since 2007, according to R.L. Polk & Co. The company went on to report that there were year-over-year leasing gains in all eight regions of the country during 2010. Specifically, the lease penetration rate came in at 18.9 percent in 2010, […] [Read More]

Federal Trade Commission officials recently announced they will host a public workshop to examine how debt collectors are using new technologies and how this affects consumers. The workshop, titled “Debt Collection 2.0: Protecting Consumers as Technologies Change,” will feature consumer advocates, industry representatives, technologists, academics and government officials. It’s set for April 28. As noted […] [Read More]

The recent North American Repossessors Summit incorporated what you might expect  — insights from industry leaders, training sessions and advice on improving your repossession agency. However, the element that stirred the greatest reaction from American Recovery Association executive director Les McCook came from repossessors’ response to a tragedy that happened just before the event. ARA […] [Read More]

Hertz Global Holdings announced plans Monday for wholly owned subsidiary Hertz Corp. to offer $300 million aggregate principal amount of 6.75 percent Senior Notes due 2019. The private offering is exempt from the registration requirements of the Securities Act of 1933, as amended, subject to market and other conditions, the company noted. Officials explained that […] [Read More]

Repossession agencies and other debt collectors could be affected by a proposed rule working its way through the Federal Communications Commission. Federal regulators are prepared to tighten the use of prerecorded, automatically dialed “robocalls” to contact contract holders through their cell phones. Collection organizations are concerned because more consumers appear to be abandoning land lines to […] [Read More]