Are you looking to get more from your repossession agency? Here are five steps on how to get them to do what you need-now.
BE NICE. This may sound silly, but you know the Golden Rule! Nothing builds resentment quite like a rude ill-mannered CLOD. Now, don't get me wrong, I know that sometimes an agent who is not doing his job deserves this, but although it may make YOU feel a little better, it is a long-term mistake. If the company made a mistake, point it out and allow them the opportunity to correct it. If they make mistakes continuously, well then, perhaps both of you need to move on to greener repo fields-you to a different vendor and the vendor to a different customer.
PAY MORE - WHAT??? The truth is that this is not that important. Some repossession companies may charge one fee for each type of service or have different fees with various lenders, all having been negotiated before hand. Ask for a price list and if you can afford it, add 5% to the prices in exchange for having your accounts run as a priority. It works!!
PAY ON TIME. Thirty days out is standard, go more than that and the small business owners (most of whom you will be dealing with) will feel it, even if the aren't likely to say anything. But they will resent it and your accounts may suffer as a result.
DON'T ASK FOR THE IMPOSSIBLE (ALWAYS). Most, if not all of your vendors want to do a good job for you and for them. They want your business and they like working for you. But asking for the difficult and/or impossible on a daily basis can be very hard on them. Your vender might even be fearful that if he doesn't perform, he will lose your business. This may force your vendor into situations where he has to lie to you, telling you what he thinks you want to hear, not what actually is happening. This can make it very difficult for you to get the results you want, and you may not even realize why.
BE CLEAR. About what it is you want and expect. Which addresses do you want run and how many times? Do you want them to make contact? It could be anything, but without written instructions, it may not be done. If your repossession agent can't follow written instructions, then it is time to give someone else a try.
With these five easy steps your credit union should be able to improve its relationship with its repossession agency, getting improved service and providing for you in more ways than you can count.
Pete Conrad is with Judgment Recovery Co., Tonasket, Wash., which specializes in recovering collateral for lenders.
For info: www.judgementrecoveryco.com