BankProspector just got a little better… we’ve added Auto Loans information to our bank reports!
Auto loans might be a good option for the smaller investors out there– smaller loans, smaller risk!
Another Type of Distressed Note
While acquiring and servicing these notes will be similar to buying other loans, the repossession processes will be quite different.
When someone buys a car, they give the lender give the lender a security interest in the vehicle. Having a security interest generally means the lender can repossess the car without prior notice if the loan is in default. Taking possession of a car is less complicated and much quicker than property foreclosure.
Like with other notes, you do have options. You could buy the note and start collecting payments, or repossess the vehicle and resell it. While every state has different rules regarding repossession, a loan in default is usually enough cause to take possession of the vehicle.
How to Find Them
From there you can filter by the current status of the loan to see a list of the banks holding this debt.
As always, when you click on one of these banks to view their full record, we’ll show you the historical data for the banks auto loans. You can see how their loan health has changed over time, and use that to your advantage when trying to make a deal.
Of course we have also added Auto Loans filters to the Advanced Search! This is just another type of distressed asset you can target. A new tool to find smaller notes for your smaller investors. Or perhaps this is a whole new revenue stream for yourself!