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  • Multiple Addresses/Dead End Accounts

    I know every repossession is different but on average:

    Is there a limit on the number of addresses you expect an agent to run on one account without an increase in fee or, at the very least, additional mileage fee?

    and

    How long do you leave an account assigned out to an agent if there is no progress before giving it to skip or closing?


    I would appreciate feedback from both lenders and recovery agents.
    Kel

  • #2
    We run up to 4 addresses. I wish you would keep the account fully opened once it goes to skip so I can keep working it.

    Or if you must close it, then do not give it to another company when you get a good address.

    It has happened before that a bank has me work an account for a month or 2 and then close it for skip.

    Then I find up my bud that works at another repo company gets the account new address and picks the car up ont he 1st run. That just does not seem fair to me.

    Comment


    • #3
      4 addresses is too many. one home address per debtor/codebtor and poe of course.

      Also when you assign a file to xyz and they run it for 2 months and cant get the unit and have attempted/made contact with the debtor it would be nice to know that before we approach. IF the previous agency demanded unit and debtor refused then Id like to know, Ive seen some clients give previous agents notes so we are fully briefed on the file.

      Comment


      • #4
        Wow how many times have I heard... "you are the third person here, that person has not lived here for over three years" I think the collector who sends out the work does not trust the agent so ignores the notes and sends out a new agent to the same addressess. Why not does not cost them anything to run addy. Just keep sending new agents to run old addy until the debtor turns up on new utility bill six months later in another state....

        Comment


        • #5
          While I understand the need for lenders/clients to cover all bases in repossessing a unit(been there & done that), time and money would be saved if the collector would document their case notes each time it is assigned out. We all know there a few account that are repeat offenders! This means that agents would not be re-checking addresses that have been determined to be no good from previous runs. Also lenders/clients should pull a CBI for the most recent info. Any skip work the lender/client can do before sending it to the recovery agent, will help speed up the process and recovery of collateral.
          Kel

          Comment


          • #6
            Originally posted by SeaKelly View Post
            While I understand the need for lenders/clients to cover all bases in repossessing a unit(been there & done that), time and money would be saved if the collector would document their case notes each time it is assigned out. We all know there a few account that are repeat offenders! This means that agents would not be re-checking addresses that have been determined to be no good from previous runs. Also lenders/clients should pull a CBI for the most recent info. Any skip work the lender/client can do before sending it to the recovery agent, will help speed up the process and recovery of collateral.

            I agree, 1 of the many nice things I see on my orders from CARS, is that if there are notes from another copmany before me they show up as soon as I take the case, it has really helped me find a very old skip just by something I read in the notes, sometimes something as easy as a name will hit you and give you something to run with. I wish more of the direct work would do this, I have a couple customers that will send me the last 30 days of collection notes, I must say that has help more than anything I can buy.

            Comment


            • #7
              I like running an address after its been ran by 4 other companies and has been past due for 6 months. Then certain forwarders expect you to give constant updates. However, it's very clear the address is bad.

              Comment


              • #8
                Yeah they just send the stuff around to everyone to waste your time.
                But they dont care they just want the car.

                Also try skipping to see if you can come up with anything new.

                I could help skip some just shoot me a message.

                Comment


                • #9
                  Updating dead addresses cause they deem them current is annoying. I run the addresses at least once and then go with my gut feeling and information I have found.

                  Comment


                  • #10
                    We will run 4 addresses before an increase. We will start skip tracing if we recieve more than 2......
                    Big Dog Recovery
                    Phone 888-292-8339
                    Fax 888-873-7163
                    http://BigDogRecovery.com
                    http://recoveryagentsunited.com
                    http://recoveryservicesunited.com

                    sigpicTrue success will only be achieved through unity!

                    Comment


                    • #11
                      Originally posted by SeaKelly View Post
                      I know every repossession is different but on average:

                      Is there a limit on the number of addresses you expect an agent to run on one account without an increase in fee or, at the very least, additional mileage fee?

                      and

                      How long do you leave an account assigned out to an agent if there is no progress before giving it to skip or closing?


                      I would appreciate feedback from both lenders and recovery agents.

                      Yours is a loaded question that can take many turns in trying to answer.

                      From the agent perspective, some of it has to do with the client they are working for.
                      If I am working for a direct client then we will run as many addresses as necessary. Usually after the thrid address we will request either a mileage fee or skip fee. we alsways work hand in hand with direct clients and openly communicate on the details on an account.

                      This open communication is many time the key for busting a case wide open as we can get more detailed info on the history of an account or work toegther with the lender in skiptracing an account together.

                      This feature is typically lost when working with fowarding companies as what usually happens is a short email message is sent back and forth a couple of times each time the message suffers in translation as it gets passed down the line.

                      Depending on the fowarding company, if an account is sent over with more than 2 addresses we immediatly request and extra fee for verifying the extra addresses. Extra work requires extra pay.

                      Again depending on the client, accounts fom factoring (insurance) companies that have been thru every repo agent on earth, one address is all we run. It is already a long lost skip.

                      As far as how long shall it stay open with an agent....again depends on several factors.

                      Does the agent have the skills and tools to skip an assignment and also is the agent registered as a skip comapny with their client.

                      I just got a file from a major fowarder and his skip work was cut and paste from TLO. I think most agents here also have access to TLO.

                      Many accounts need to be skipped on the street not from a desk.

                      So the question for both a cleint and the agent, when does an account convert from a fresh account to a skip. Well typically after the second run you should have a really good idea of what is going on and can probably best answer that question. If you don't have a fair idea of what is going on then re-evaluate your procedures.

                      Not to point the finger at any one group but the fowarding model in general has many huge disadvantages to both the client and the agent.

                      The loss of direct communcation between the agent and the client is one of the biggest.

                      The loss of a responsible agents ability to making on the spot decisions in the field without having to enter a request in a proprietery system for a flatbed fee because he found the car at an undisclosed location or a finders fee because the neigbor or ex friend of a debtor wants to take you to the car right there on the spot, for a small fee of course, again results in a lower level of performance with regards to the recovery process.


                      Well let me finalize by saying that I have two clients that will keep an assignment open with us untill the time we say please close it we are done. And we have other clients that we just will not go the extra mile because it just not financially worth it.

                      Remeber this, all of here are in it for the money...to make a fair living.

                      Comment


                      • #12
                        I don't mind asking the loaded questions JTDAMiami I ask because I want to know and I value the agent community and their viewpoints.

                        I most definitely agree that communication is vital. The agent and lender must be able to communicate openly and freely. When you have a third party involved, things can get lost in translation. However, not all third parties aka forwarders are alike. For instance with our system, the lender and agent can communicate directly with each other electronically or via phone. We do encourage electronic communication because there is a record and if calls/conversations between our lenders/agents do occur all we ask is that it be notated on our system-always good to have an audit trail. Plus there is nothing left to interpretation.

                        Being a former collector, I would limit the number of addresses I asked the agent to run. Why? If I did my job prior to assigning the asset out for repo, I knew that the address I provided was good for either my debtor or a family member was located. No need for the agent to on a wild goose chase. And if the asset wasn't spotted, contact was made and we went from there based on the intel gathered by the agent.

                        As for making on the spot decisions, being the an agent in the field you most certainly have more info at hand than we do. However, when it comes to additional fees I would be hesitant to make those calls without consulting the lender first. I would much rather know I was going to get reimbursed for any extra fees such as a flatbed, finders's fee, etc. My advice, pick up the phone and call if during business hours. I have seen the agent come out on the short end of the stick on that one too many times when they don't get prior approval. To be honest, I don't know of any lenders that give their agents carte blanche when making on the spot decisions concerning extra fees. Everyone is held accountable for fees these days...be it the lender or the agent.

                        At the end of the day, we are all in business to make a living-we all deserve a decent day's pay for an honest day's work.
                        Kel

                        Comment


                        • #13
                          Originally posted by SeaKelly View Post
                          I don't mind asking the loaded questions JTDAMiami I ask because I want to know and I value the agent community and their viewpoints.

                          I most definitely agree that communication is vital. The agent and lender must be able to communicate openly and freely. When you have a third party involved, things can get lost in translation. However, not all third parties aka forwarders are alike. For instance with our system, the lender and agent can communicate directly with each other electronically or via phone. We do encourage electronic communication because there is a record and if calls/conversations between our lenders/agents do occur all we ask is that it be notated on our system-always good to have an audit trail. Plus there is nothing left to interpretation.

                          Being a former collector, I would limit the number of addresses I asked the agent to run. Why? If I did my job prior to assigning the asset out for repo, I knew that the address I provided was good for either my debtor or a family member was located. No need for the agent to on a wild goose chase. And if the asset wasn't spotted, contact was made and we went from there based on the intel gathered by the agent.

                          As for making on the spot decisions, being the an agent in the field you most certainly have more info at hand than we do. However, when it comes to additional fees I would be hesitant to make those calls without consulting the lender first. I would much rather know I was going to get reimbursed for any extra fees such as a flatbed, finders's fee, etc. My advice, pick up the phone and call if during business hours. I have seen the agent come out on the short end of the stick on that one too many times when they don't get prior approval. To be honest, I don't know of any lenders that give their agents carte blanche when making on the spot decisions concerning extra fees. Everyone is held accountable for fees these days...be it the lender or the agent.

                          At the end of the day, we are all in business to make a living-we all deserve a decent day's pay for an honest day's work.

                          I have to LOL at this. sorry. Just not happening anymore. Sorry, I have nothing of value to add otherwise. Continue on without me.

                          Comment


                          • #14
                            Originally posted by FlRepoMan View Post
                            I have to LOL at this. sorry. Just not happening anymore. Sorry, I have nothing of value to add otherwise. Continue on without me.
                            Heads up my friend...things will start to look up again...promise!
                            Kel

                            Comment


                            • #15
                              I like When clients send 5 bad addresses. Those clients get dropped so quick.

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