Repossessions: Never a Preference, Sometimes a Reality

Credit Unions agree that repossession of a credit union member’s property is the last and least-preferred option in dealing with a delinquent account. Certainly the goal of every collection department is to re?establish communication with the member for payment solutions. Although many credit unions have seen an overall decrease in repossessions, many of the delinquent members are getting creative in how they conceal property and avoid contact with the credit union. Recent experience shows that these tactics have gone beyond hiding a car in the garage and not answering the telephone.

Once the delinquent account has stopped talking to you, it is time to take action towards recovery. Taking the time to create a recovery analysis will determine the next step:

  • Start with an analysis of the risk (age, mileage, condition and type of vehicle) versus benefit (salability). Some units just are not worth the time and expense to recover.
  • Next, look at your collection staff’s ability to locate and recover the asset in a timely manner.
  • Finally, look to outsourcing if you suspect that the member has moved or you simply have exhausted all of your resources.

Although outsourcing may not always be a first step, having a partner that can eliminate valuable staff time on the tough delinquencies can be a key to overall collection department success. Look for a partner with repossession experience, a broad nationwide network and a thorough understanding of recovery business practices in unusual circumstances.

When you want to find even your most elusive debtor, put an end to the struggle by choosing Repo Remarketing as your repossession partner! And Repo Remarketing will stand in the gap for out?of?area repossessions with its nationwide services. Additionally, you will be able to track progress and stay up-to?date throughout the recovery process with Repo Remarketing’s efficient and easy to use on?line management system. So, for better use of your collection department’s staff time, Repo Remarketing is the right choice!

About Repo Remarketing Repo Remarketing was founded in 1998. With Repo Remarketing, the power of aggregation brings credit unions together under one umbrella, nationwide. Services include: skip tracing, repossession, remarketing, transportation, inspection, valuation, and all pre- and post-sale reporting. Repo Remarketing provides a trustworthy bridge to recover and liquidate inventory efficiently using proven industry standard principals with advanced technology, adapted expressly for credit unions. For more information, visit www.reporemarketing.com.

 

Questions? Contact Sales & Marketing Associate Craig Reed: 206.340.4789, creed@nwcua.org.

Posted in Compliance.