Hi Dave, If a client applies for a loan for their teen, automatically the application is not processed because we explain that the car is for the working parent only.
Unfortunately, if the client lies, there's no way to know that their teen is using the car until an accident happens and the only thing we can do is pursue the payments. What I normally try to do in the case of a car being wrecked, is that I tell the client to continue making the payments until they have paid at least 1/2 of the total loan. I will give them the opportunity to apply again for a larger loan where the remaining loan amount is paid with the new loan and the new vehicle is still the collateral. Until now, this system has worked because I am providing for a solution if the client only had one car and their teen wrecked it. I would like to know suggestions of how other coordinators try to prevent this situation. Luisa Vilchez WTW Loan Coordinator Family Counseling Services of Greater Miami 10651 N Kendall Drive Miami, FL 33176 305-271-9800 ext 107
