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Archive for October 2018

4 Trade-Offs Between Repossession Fees and Recovery Results

trade-offs between repossession fees and recovery results

Repossession services are available through multiple providers so why pay more than what the low-cost provider is willing to accept? The image illustrates four trade-offs between repossession fees and recovery results. When recovery fees are driven down to rock bottom levels, the service provider (whether a direct agent or a forwarder/skip company) is typically forced…

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Webinar: Optimizing Repossession Results Through Effective Vendor Score Carding

webinar invitation to vendor score carding

Nothing impacts repossession results more than setting up effective competition between your vendors using well-constructed vendor scorecards.  The score card techniques used by major vendors have evolved significantly over the past few years, incorporating both recovery and compliance performance.  This webinar will review several different approaches used by leading lenders and will provide insights into…

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LRBPF: Personal Property and Redemption Practices by Auto Lenders

Repossessions Personal Property and Redemption Practices

Did you know that over 40% of lenders don’t allow repo agents to  charge fees directly? We recently asked over several auto lending institutions to participate in a survey that covered the scope of allowable fees and institution practices. Each lender is a member of our LinkedIn Group “Lenders Repossession Best Practices Forum” (LRBPF). Over 50…

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Commercial Recovery: Local Agent vs Nationwide Repossession Management Firm

benefits of nationwide repo

In this day and age, many heavy equipment and construction lenders still work directly with local repossession agents, rather than national firms, to find missing collateral.  While working directly with the agent assigned can, in some cases, speed up communication, a national provider of heavy equipment repossession services can offer significant benefits.  The remainder of…

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Pre-Charge Off Skip Trace – Is It Worth The Money?

pre charge off skip

Available industry data is clear, if a repossession agent has not recovered a vehicle within 30 days of working it properly, the recovery rate after that point is typically in the 6%-9% range.  This reality provides a strong incentive to rotate the assignment to a different provider in order to improve the likelihood that a…

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LRBPF: Vendor Score Carding Strategies for Auto Lenders

auto lenders vendor score carding

The primary objective of our LinkedIn Group, Lender’s Repossession Best Practices Forum (LRBPF), is to provide members with insights on best practices and processes deployed by others. With that said, we recently surveyed over 100 lenders to gauge different score carding strategies.  The survey results were very informative and gave insight into different techniques used…

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