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New Lender Looking to Learn More About the Repossession Industry

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  • New Lender Looking to Learn More About the Repossession Industry

    Hi there,
    I just starting working in the sub-prime lending space, and for the last month or so, my role has been to find a new repo company for our firm. Iíve made quite a few mistakes in the process, as a result of my lack of knowledge about the repo industry. So far, I have a pretty solid handle on things like skip tracing, LPR, repo and remarketing, but thereís still quite a few parts of the industry that I donít fully understand. Is there anyone who could connect me with a resource so I can learn more about the industry? Even having a solid understanding of forwarding, impound and transport would help me greatly. Thanks in advance.

  • #2
    Anyone/company you are interviewing should be willing to discuss all aspects of how their particular company handles a repo assignment. I would image and have discovered most good companies that have been around for decades do it just about the same.

    Depending on where and what type of lending you do, my absolute best recommendation would to be ask if you can do a ride along. The answer will most likely depend on what type of customer you are. I.E. asking for cut-throat prices or willing to pay a fair/good fee for good service. At the very least, I would image any company would be willing to send you video of their interactions with your customers.


    • #3
      Can you elaborate about the mistakes you've made.

      Its nice to see a humble lender. I think most of us will be more than happy to help. I know I would. Especially, since your asking nicely.

      What you seek is knowledge....most of that is learned through years of exposure to this industry.

      If you have a specific question....then fire away.

      Keep in mind.....most of us do not like forwarders. We hate them. And our answers will be mostly negative. We are jaded due to negative experiences with those organizations.
      I walk through the Valley of Darkness and Fear no evil on a daily basis.