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Old 07-23-2014, 09:14 PM   #1
SeaKelly
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Default Damage Claims

This question is for banks, credit unions, finance companies but welcome feedback from all.

When a debtor calls in to complain about damage to their vehicle after redeeming it from the agent, how do you handle it? Do you have a process in place? Damage claim form, pictures or estimates required? Or do you, the lender, refer the debtor back to agent for them to work out?
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Old 07-23-2014, 11:37 PM   #2
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We don't damage the cars we repossess, silly. lol
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Old 07-24-2014, 07:24 AM   #3
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As we all know debtors will claim any damage even if it is 5 year old rust spot so it is very important to complete a condition report as quickly as possible and take pictures of unit. Good documentation will most likely keep the agent from fixing something he did not do. However lenders seem to pass everything off to the repo guys even if it went to the auction before being redeemed, they think we are at fault for anything, and this is a credibility problem many have with the second class recovery industry (so many think we are)
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Old 07-24-2014, 07:48 AM   #4
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Originally Posted by OhioRepo View Post
We don't damage the cars we repossess, silly. lol
99% of all damage claims have no validity....simply the debtor wanting something for nothing. In other words, the debtor sees what they think is an opportunity to make someone else pay for their mistake because they didn't make their payment.
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Old 07-24-2014, 08:16 AM   #5
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As we all know debtors will claim any damage even if it is 5 year old rust spot so it is very important to complete a condition report as quickly as possible and take pictures of unit. Good documentation will most likely keep the agent from fixing something he did not do. However lenders seem to pass everything off to the repo guys even if it went to the auction before being redeemed, they think we are at fault for anything, and this is a credibility problem many have with the second class recovery industry (so many think we are)
You hit the nail on the head! Proper documentation is the key...detailed condition and clear pictures. You have a debtor that you chased for payment, probably never even returned all your repeated calls and if they did made promises to pay but never did which left you no choice but to assign out for repossession. The only reason the debtor paid the loan up to date was to get their vehicle back. And NOW the debtor wants to call the lender to complain. Hmmmm....NO! Who is more credible? The debtor who refused to communicate with you and if they did lied to you about payments or the agent who you hire on a regular basis to perform repossessions? It baffles me that some lenders automatically toss this back on the agent.
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Old 07-24-2014, 08:35 AM   #6
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Originally Posted by SeaKelly View Post
You hit the nail on the head! Proper documentation is the key...detailed condition and clear pictures. You have a debtor that you chased for payment, probably never even returned all your repeated calls and if they did made promises to pay but never did which left you no choice but to assign out for repossession. The only reason the debtor paid the loan up to date was to get their vehicle back. And NOW the debtor wants to call the lender to complain. Hmmmm....NO! Who is more credible? The debtor who refused to communicate with you and if they did lied to you about payments or the agent who you hire on a regular basis to perform repossessions? It baffles me that some lenders automatically toss this back on the agent.
Well Said !
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Old 07-28-2014, 08:47 AM   #7
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Originally Posted by SeaKelly View Post
You hit the nail on the head! Proper documentation is the key...detailed condition and clear pictures. You have a debtor that you chased for payment, probably never even returned all your repeated calls and if they did made promises to pay but never did which left you no choice but to assign out for repossession. The only reason the debtor paid the loan up to date was to get their vehicle back. And NOW the debtor wants to call the lender to complain. Hmmmm....NO! Who is more credible? The debtor who refused to communicate with you and if they did lied to you about payments or the agent who you hire on a regular basis to perform repossessions? It baffles me that some lenders automatically toss this back on the agent.
Well said! Its funny how a lender actually sounds serious sometimes asking the professional repo co. About a rediculous claim of some sort by the oh so honest debtor that has been avoiding and lying to bank and the repo guy has chased for so long, then finally gets caught and makes up some kind of bogus claim. Makes you just want to laugh, but instead you have to remain professional and waste your time explaining and proving the debtor is lying and looking for any freebie they can get!
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