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  • Question for lenders...

    What ultimately dictates the recovery agents you hire-price, performance or reputation?
    Kel

  • #2
    Sadly for those of us dealing with repossession agents and debtors, the main focus is price. That is per upper management, however as collectors we have a different perspective. A perspective that is ignored and not a subject we are to speak of. Performance / reputation are important too, but saving pennies is what they zero in. Funny, a lot of the big guys do not feel that way come bonus time.

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    • #3
      Unfortunately, I have to agree that price has become the deciding factor and seemingly the only factor when selecting recovery agents. In my opinion, performance and reputation should come first when hiring a recovery agent. Why performance? On some repossessions, picking a unit up sooner rather than later can make all the difference in the value of the collateral when it goes to auction. Why reputation? Because when I know without a doubt when a debtor calls in to complain that the agent did this or that while repossessing their car, I can back the agent 100% if they have a good reputation. We have all had debtors call in to rant and rave about the recovery agents....what do you do when it's clearly a he said/she said deal? The answer is clear if you have an agent with a good reputation...back the agent!!!
      Kel

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      • #4
        What is cars main focus? Price or qulaity?

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        • #5
          Originally posted by bigdaddy View Post
          What is cars main focus? Price or qulaity?
          Our main focus is QUALITY!!! We convey to the lenders which utilize our services that our agents are certified based on performance-the quality of their work.

          That being said Big Daddy...we do have lenders that still want it for nothing However, I am starting to see more agents turn down work from lenders not willing to pay a decent price. And to those agents I say KUDOS!!! A fair day's work ought to bring a fair day's wage
          Kel

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          • #6
            We should start a price thread and hash it out...I'm sure someone will break ground, but atleast we can throw a wrench in there cogs for a bit.

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            • #7
              Performance should equal pay. Lender sends assignment and wants unit picked up under 24 hours but then wants to pay me in 30, 60, or 90 days later. Before I dropped FMC, I would pick up a unit and process it on line, check in my account with in 5 days. That isn't much to ask. They want the units, we want the cash. My company, my equipment, my associates, my salary. I set my price.

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              • #8
                Rsig has brought to the market an assignment platform for lenders to have a live program where they will have direct contact with the repossessor. RSIG is more a facilitator for them to send business from lender to recovery company. They choose what agent they want to use in that area, they must be an RSIG member, every assignment is then insured by the RSIG policy and it saves the lender from having to have certificate of insurance on each or if using the forwarding model no lapse time in updated on assignments on hold. It is free to the lender and only a small fee including insurance from the member. If the lender chooses they can participate in batch billing where they get one bill form all agents and usually in 48 hours the agent is paid by RSIG as the check will be sent to them to send to the agents (one bill and one check for the client). Included in the program is key codes and a skip tracing package. Our goal is to bring business to the re[possessor at a price that they can make money. The program is the most friendly we have found yet and is truly the only direct program we have found. Each repossession company must be able to meet our qualifications since we will be insuring each assignment, they go through a back ground check, we check losses, we have their storage lots inspected, criminal records, and a meeting with some of the most experienced repossession company owners to verify knowledge of the industry and to make sure they don't appear on repo shows.
                Last edited by jclark; 10-21-2011, 11:43 AM. Reason: add more

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                • #9
                  Just wondering what the above post has to do with this thread?

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                  • #10
                    As a recovery agent and future owner, i'm proud on providing the best service possible with integrity and respect. We work every account the same whether its a first time small client or a credit union account. Our guys wear company hats and shirts and carry business cards as well. We are not the highest but not the cheapest either. Lenders need to understand that we are taking all the heat and risk at 3 am, but unless you and the lender are on the same page problems will arise.

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                    • #11
                      SEAKELLY how can i get a hold of your company ??

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                      • #12
                        Originally posted by Mikepapas View Post
                        SEAKELLY how can i get a hold of your company ??
                        Email me at kelly.b[email protected]
                        Kel

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