After the contract is repurchased I decide if the auto will be repossessed (it maybe broken down and not worth repossessing) and if so report the account information and repossession. When the decision is not to repossess I report the charge off and account information. We have offered and sold cars to clients after repossession, however it has not been very successful because there is a feeling when a repair or break down happens that we are to take care of the expense. I have found I rather not offer to new clients, unless it is an exceptional auto and I haven't had one of those repossessed. The other side is usually these autos will not bring very much with at auction or in the open market and I have thought about offering the autos to clients with very modest incomes at a price of 500-1000 on 12 months. We are still working on this process and it meets the goals of placing a family with an auto and recouping some moneys in return. I believe you can get the most money if you offer it to a client (even if a modest price) because when I have sold repos they usually bring 200-800. The condition and amount to recondition the auto must be considered before making the decision to offer to other clients. Hope this helps some. Let me know if I can answer any other questions or help in any way.
> -----Original Message----- > From: Dave Dougherty [SMTP:[EMAIL PROTECTED] > Sent: Tuesday, February 25, 2003 3:47 PM > To: [EMAIL PROTECTED] > Subject: [WTW] Repo Survey Please > > Hi all! > > I would appreciate your input on the following: > > 1) At some point, after repoing a car, do you/your lending partner, report > the repo to a CRA to get it on the defaulted borrower's credit report? > If you don't, please tell me why not? > > 2) Do you offer cars you have repoed to your borrowers? > > 3) What have you found to be the best way to dispose of a car you have > repoed in order to get the most dollars out of it? > > > Thanks, > > Dave Dougherty > Ways to Work > > Family Services Center > 600 St. Clair Ave. Bldg 3 > Huntsville, AL 35801 > (256) 551-1610 > > For information on Ways to Work, please visit: > HYPERLINK > "http://www.fsc-hsv.org/fsc-wtw.htm"http://www.fsc-hsv.org/fsc-wtw.htm > > > > > --- > Incoming mail is certified Virus Free. > Checked by AVG anti-virus system (http://www.grisoft.com). > Version: 6.0.427 / Virus Database: 240 - Release Date: 12/6/02 > > --- Outgoing mail is certified Virus Free. Checked by AVG anti-virus system (http://www.grisoft.com). Version: 6.0.427 / Virus Database: 240 - Release Date: 12/6/02
