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The 'C' Word...

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  • The 'C' Word...

    Yes, it is the 'C' word no recovery agent ever wants to hear...Contigency! Contingent cases clearly cost the agents...no close or cure fees and usually a ridiculously low repo fee to boot. A thought crossed my mind when thinking of the violence toward recovery agents recently. How many of those incidents involved contingent cases? It would be interesting to see if there were a direct correlation.
    Kel

  • #2
    To be honest I have not noticed a trend with that at all. Usually the banks that do not want to pay a close fee have bad information anyway and we are just out doing skip work for free!

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    • #3
      Don't due contingent. Pay me a repo fee, resolve/cure, or close or give it to my non-insured competitor

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      • #4
        Originally posted by FIVEPTOHH View Post
        To be honest I have not noticed a trend with that at all. Usually the banks that do not want to pay a close fee have bad information anyway and we are just out doing skip work for free!
        So in your area, you are seeing more banks not wanting to pay a close fee? What about BHPH or subprime lenders in your area?
        Kel

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        • #5
          Originally posted by Gredea4 View Post
          Don't due contingent. Pay me a repo fee, resolve/cure, or close or give it to my non-insured competitor
          Kel

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          • #6
            Originally posted by SeaKelly View Post
            So in your area, you are seeing more banks not wanting to pay a close fee? What about BHPH or subprime lenders in your area?
            Yes, it is very hard to get banks to pay a close fee. I do not work for any BHPH or subprime lenders mainly because right now I have a bunch of good clients that tend to give me good information.

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            • #7
              Would you say that not being provided good information on a repo is the #1 issue for recovery agents?
              Kel

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              • #8
                Originally posted by SeaKelly View Post
                Would you say that not being provided good information on a repo is the #1 issue for recovery agents?

                Yes, I've had several addresses given to me and utilities havent been active in two years in one case and 6 months in another. I also hate getting files that have a vin and make and model and nothing else. No tag, no color, no apartment numbers or incorrect apartment numbers. I can understand not giving up the debtor SS number but the more information we have the better we can locate the car/debtor quicker most of the time. POE is always helpful too.

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                • #9
                  Originally posted by SeaKelly View Post
                  Would you say that not being provided good information on a repo is the #1 issue for recovery agents?
                  The biggest complaint that I hear is not getting compensated enough as a business to turn a profit. When had my company, I did not just want to make a living. I wanted to make a profit. These auto finance companies would close their doors if they just were breaking even. If their profit margin was that of many auto repossession companies, they would walk. There is no sense at all in being in business if the end result is not an increase in wealth.
                  List your auto repossession business in our directory

                  Click here

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                  • #10
                    Supply and demand in a nutshell.
                    Kel

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                    • #11
                      Wow! When I saw the title The C word, I was afraid to open it. I was thinking of another word and thought someone had called Kelly that. Thankfully I was wrong!

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                      • #12
                        Originally posted by Skippy View Post
                        Wow! When I saw the title The C word, I was afraid to open it. I was thinking of another word and thought someone had called Kelly that. Thankfully I was wrong!
                        Skippy were you going to defend my honor???
                        Kel

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                        • #13
                          This situation is a very simple one.Charge for your services.When a client sends an assignment without a license plate,color,etc.Call them back and request it!! Document this in your reports...believe it or not,managers do read the reports and act accordingly.Charge for your services.Ever getan assignment,go to the address and the vin is covered.Go back and let the client know that a unit fitting the description was there,but you could not verify because you were lacking the information...simple as that.If you keep doing this they will change their procedures.Also,charge for your services.Don't do contingency work!! Look up the word contingency.Good luck and go out and make some money!!!!!!! Ken
                          Surety Recovery Service,Incorporated
                          Oakland,California
                          "The Recovery Specialists"
                          Repossessions - Investigations - Bail Enforcement
                          1-866-803-7376

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                          • #14
                            Getting back to the 'C' word....contingency. How many banks and credit unions are paying on a contingent basis? Or is it mainly BHPH, sub-prime lenders?
                            Kel

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                            • #15
                              All of our banks and CU's pay a close, but it is not a full repo fee.

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