Thank You for your reply. We do not wish to have a car dealership license either. The problem is when cars auction, they auction for pennies on the dollar. Therefore if the loan defaulted at say $2500.00 and we repossess the vehicle n a voluntary basis, we are looking at a cost of $150 to $250 to repo and auction. This would make the total fees and default at perhaps $2750.00. At the auction the car sells for $500 - $600, that means we still have not collected $2200.00. And collected through collection agencies and small claims is very slow and at times non-existent. So what do we do? We are just attempting to seek ways for the agency to recoup as much as possible in the end.
I hope you Holidays are WONDERFUL !!
Robin Seemann
Canton, Ohio
Ways to Work
-----Original Message-----
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED]]On Behalf Of [EMAIL PROTECTED]
Sent: Wednesday, December 18, 2002 4:33 PM
To: [EMAIL PROTECTED]
Subject: Re: [WTW] request for information
Robin,
At any given time, any of our clients can lose their jobs so this is a
concern for all of us.
1. What I try to explain to each client is that they still owe for the loan
EVEN if the car is not running and EVEN if they are not employed. I do push
for them to return the car to me if they cannot make a payment.
2. I do explain to them that if I repossess the car I will only get about
$500 for the car and then they will still owe the balance which is not worth
the repossession.
3. Our agency does not have a dealership license and does not want one :)
Hope this helps,
Kandee Wickboldt
Family Service of Greater Baton Rouge
