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Voluntary vs Involuntary

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  • Voluntary vs Involuntary

    VOLUNTARY: Debtor initiates call to lender to surrender vehicle, lender assigns it to recovery agent. Lender advises debtor that recovery agent will contact to schedule time for pick up.

    INVOLUNTARY: Debtor fails to make payments, lender assigns it to recovery agent.

    Question: Is there a situation in which an Involuntary can be changed to a Voluntary after it has been assigned to an agent? Personally, I say no....
    Kel

  • #2
    Status from invol to vol can be changed, but pay should not be changed to reflect the status.
    "America's Best Repo Agent"

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    • #3
      If the keys are not with the car and it's not readily accessible then no longer should it be labeled voluntary. Even though debtor called To turn unit over now more work is envolved in properly securing collateral.

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      • #4
        Originally posted by abra View Post
        Status from invol to vol can be changed, but pay should not be changed to reflect the status.
        I most definitely agree that the fee should not change. Coming from a banking background, a true Voluntary is when the debtor doesn't have to be talked into surrendering the vehicle . The debtor, of their own freewill, contacts the lender who then assigns it to an agent or forwarding company. Anything else is an Involuntary...in my opinion.
        Kel

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        • #5
          I will not change an invol to vol . When sent out as an invol and I run address unit not there blocked in garage or what ever I have time and money invested. The debtor knows we are looking for car and calls in after 3 months of no contact to surrender its to late for vol. I have had cases where I made contact with debtor for location of unit and they call client with location of uint and client wanted to change to vol. I just will not change to vol.

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          • #6
            Originally posted by SeaKelly View Post
            VOLUNTARY: Debtor initiates call to lender to surrender vehicle, lender assigns it to recovery agent. Lender advises debtor that recovery agent will contact to schedule time for pick up.

            INVOLUNTARY: Debtor fails to make payments, lender assigns it to recovery agent.

            Question: Is there a situation in which an Involuntary can be changed to a Voluntary after it has been assigned to an agent? Personally, I say no....

            Hell NO ..it don't go backward... We have to deal with that almost every week..... I have dropped accts that try to pull that and pay us less....

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            • #7
              unless you wanna pay double the voluntary fee and a close fee then it stays a invol im not burger king you don't get it your way im in this business to make money.

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              • #8
                Only if no work has been done by the agent or company. Which has to be pretty quick for us since most accounts are worked within 12 hours or less of assignment.

                Vol is phone call, arrangement made to pick up with debtor/driver, and one trip.

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                • #9
                  see this is where a few lien holders are getting confused.... when your calling and trying to press the debtor for a payment and they get tired of you saying it will go out for repo and they say " i dont care come get it then" That is not considered a voluntary! also its not a voluntary if you dont send us a phone number! LMAO Seriously Drive!

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                  • #10
                    Originally posted by SeaKelly View Post
                    VOLUNTARY: Debtor initiates call to lender to surrender vehicle, lender assigns it to recovery agent. Lender advises debtor that recovery agent will contact to schedule time for pick up.

                    INVOLUNTARY: Debtor fails to make payments, lender assigns it to recovery agent.

                    Question: Is there a situation in which an Involuntary can be changed to a Voluntary after it has been assigned to an agent? Personally, I say no....
                    I would agree because chances are the work has already started and the invol price should apply!
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                    • #11
                      Originally posted by SeaKelly View Post
                      VOLUNTARY: Debtor initiates call to lender to surrender vehicle, lender assigns it to recovery agent. Lender advises debtor that recovery agent will contact to schedule time for pick up.

                      INVOLUNTARY: Debtor fails to make payments, lender assigns it to recovery agent.

                      Question: Is there a situation in which an Involuntary can be changed to a Voluntary after it has been assigned to an agent? Personally, I say no....

                      no....I don't go backwards....chances are if a debtor calls in saying just come pick it up....a real repossessor has worked the account as an invol and forced the call....that diligence should be paid for

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