RE: [WTW] Repo Survey Please

[wtwlc-owner]

Dave,   We just went through the process of taking a clients car back in Canton, Ohio.  We sold the car, but in the end we made a decision that we will not do this again.  Some points of interest or concern. Our insurance company was not thrilled at the possibility that this could again.   Our insurance company raise our rates and had thoughts about canceling our policy. People test driving raises liability issues with the insurance company You take the car back, but then you have to transfer it into your agency name Prove insurance and get plates. You cannot get 30 day tags in the state of Ohio, once the car has been transferred into your name You then take the car to a mechanic to make sure you are not selling a piece of junk  You then sell the car as is and do not want to take a chance of giving a warranty, (could be expensive) In Ohio if you sell more than 5 cars you must maintain a dealership license, A Whole new ballgame! Dave, it is just not worth it to us.  We will have our contracted repo man repossess the car and sell it at auction if the car is worth it. Proceeds from the auction are deducted from the outstanding balance and then we will go to small claims court and file a case.  Seek judgement and then seek garnishment.  All in all, we will represent ourselves and our bank will help.  When a loan is charged off we get reassignment with all rights and remedies to do such efforts. This process will cost us time and about $35.00.  BUT it is worth it if the client is working, .. we can collect the debt.  If the client is not working we will not go to small claims we will do collections through our agencies collection agency and hope for the best.  In the end it is the principle of the matter.  If the client does not pay then we feel it important to understand that this was a real banking situation and there was a signed contract and a real obligation.   Thanks ROBIN SEEMANN   -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED]On Behalf Of Dave Dougherty 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: http://www.fsc-hsv.org/fsc-wtw.htm