Re: [WTW] Repo Survey Please

[Christine Rettenmaier]

Dave, In Moline our banking partner has the repo'ed cars sold at auction.  We subtract the proceeds from the costs of repossession and sale, then calculate the balance owed by the client.  Ususally we turn that amount over to collection.  I assume it is reported on their credit report when and if the collection agency does any work on it.  Meanwhile, the client's credit report will reflect the balance owed and the amount they were behind when (and if) the bank turned the loan back to us.  Sometimes I opt not to repossess if I know the vehicle is trashed.   In my service area, we can't sell the cars ourselves and all repo's have to be handled by our bank because we are not licensed to sell cars. Chris R. ----- Original Message ----- From: Dave Dougherty To: [EMAIL PROTECTED] Sent: Tuesday, February 25, 2003 2:47 PM 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: http://www.fsc-hsv.org/fsc-wtw.htm