Nashville, TN – 10 April 2020 – In yet another wave of Pandemic related layoffs, Nashville-based Primeritus Financial Services Inc. has laid off 148 employees. The layoffs are termed “temporary” in the document.
This follows the layoff of most staff from almost every known repossession forwarding company in the nation. In the absence of involuntary repossessions in the larger repossession markets of the nation, the bulk of the remaining repossession forwarding work has been trickling in as voluntary and impound repossessions.
While various lenders, mainly sub-prime, buy here pay here dealers and title loan companies, have been providing some involuntary repossession assignments, the vast majority of banks, finance companies and credit unions have voluntarily ceased all repossession activity. In most states, a combination of shelter in place declarations and state level emergency declarations have deemed repossession activity as non-essential and the majority of companies have closed or curtailed operations dramatically.
Primeritus offers services related to auto repossession, skip tracing and remarketing. According to a Tennessee Department of Labor and Workforce Development document, the Primeritus employees were not represented by a collective bargaining agreement.
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