Indiana Puts Major Lenders and Forwarders on Notice

Time for Change!

Last week, members of the Indiana Professional Repossessors Association (INPRA) and the Alliance of Illinois Repossessors (AIR) met and collaborated regarding the challenges we are facing in our industry. Issues like poor communication, economic inequities, and the liability to locate and maintain vehicle storage facilities with today’s “free storage” business model are just a few of the more pressing concerns that were discussed.

Using industry standard formulas and documentation provided by the members of “AIR”, the members of INPRA were able to pull true numbers and determine the viability of their clients. The results were stunning as there were several Clients and Lenders that were not utilizing the best business practices, provided little or no storage compensation, and were still instituting fee schedules that are five to ten years old.

Based on the data provided, members of the INPRA have decided to begin by reaching out to these companies and starting an open and honest discussion on developing an improved, sustainable business model.

The President of INPRA, Todd Case, stated that, “our industry is one of the only industries where the cost of doing business is determined by the client. If we needed our roof replaced, we wouldn’t be able to tell the contractor how much we were paying or dictate when the contractor would be paid. We certainly wouldn’t be able to get away with paying labor and material costs from five to ten years ago. So why is it acceptable in our industry? It’s time to make a change.“

In the next few weeks, INPRA members hope that the clients will be receptive and welcome a productive discussion regarding their concerns. Due to the importance of this matter, the INPRA is looking forward to having these meaningful discussions with all Clients and Lenders and are committed to creating a positive outcome that benefits both sides.

INPRA members’ goal is to have an acceptable solution brought to the table by April 14th, 2023, or they will have no choice but to start declining assignments.

The INPRA encourages all agencies to get involved. If you are in Indiana and would like more information or to become a member, please visit the website at www.indianapra.com , or contact at members@INPRA.org

Todd Case
President
Indiana Professional Repossessors Association

About The Indiana Professional Repossessors Association

Repossession companies in the State of Indiana have joined together to form the Indiana Professional Repossessors Association – INPRA. Collectively we perform nearly 90% of the repossession efforts in the State of Indiana. Our goal is to ensure industry progression through education and communication with industry vendors, financial institutions, regulatory agencies, local government, and the consumer.

Together, we can make positive changes that will ensure safe and effective collateral recovery across the state. We shall endeavor to reduce liability and bring uniformity to the repossession industry in our state, so that clients and consumers alike know each repossession is handled in the most professional manner possible. This means ensuring each agency performs their duties while maintaining the highest level of compliance and in accordance with the law.