Re: [WTW] Repo Procedure

[Angie Butterfield]

Mary,   In Montgomery and Dothan, Alabama, our banking partner handles repossessions.  We authorizes the repossessions, the bank hires a repossession company to pick up and auction off the vehicle, and we pay the bank for the defaulted loan (loan balance + repossession charges - auction price).  The bank pays the repossession company.    We have a form letter that we send to the bank to authorize repossessions and the bank has a standard invoice they use to bill us.  The documentation provides a solid audit trail.  Additionally, we have the procedure included in our own WtW Policy & Procedure Manual.    Both Montgomery and Dothan receive funding from DOT.   Good luck with your repossession.  I hope it goes smoothly.   Angie Butterfield, M.S., FDC Ways to Work Program Director Family Guidance Center of Alabama, Inc. (334) 270-4100 ext. 253 ----- Original Message ----- From: Dave Dougherty To: [EMAIL PROTECTED] Sent: Wednesday, October 01, 2003 11:21 AM Subject: Re: [WTW] Repo Procedure We use our bank to do the repos, and they use a repo company.    We don't have a stand alone repo procedure except that in our WtW Program Procedure we state when a vehicle is subject to repo.  Of course, there are tomes when a repo doesn't make sense like when the cost of the repo will exceed the value of the car (at auction).   By the way, I just read in this month's Used Car News that there is a lawsuit in TX that may force repos to be auctioned at public auctions, rather than dealer auctions, so that the consumer gets credited (against the loan balance) with a more "reasonable" amount for the repoed car.      DOT funds are used for the loan pools at the four WtW sites here in Alabama.   Best Regards,   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 ----- Original Message ----- From: mary hettig To: [EMAIL PROTECTED] Sent: Wednesday, October 01, 2003 7:59 AM Subject: Re: [WTW] Teenage Driver Question Good Morning Everyone. We are facing our first repo and I find I have no repo procedure.  Does anyone have any advice for me having been through a repo before? I am wondering how many of you are using DOT funds? Thanks Mary  ----- Original Message ----- From: Dave Dougherty To: [EMAIL PROTECTED] Sent: Tuesday, September 30, 2003 4:21 PM Subject: Re: [WTW] Teenage Driver Question Mary et al:   I thought of that, but I think that the borrower would just add the teenager later to get around that.   Best Regards,   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 ----- Original Message ----- From: mary hettig To: [EMAIL PROTECTED] Sent: Tuesday, September 30, 2003 9:47 AM Subject: Re: [WTW] Teenage Driver Question Hello everyone.  I am a new program director in Sarasota Fl.  I would think the insurance company would ask how many drivers in your household and price the insurance accordingly.  If they lie to the insurance company they will not have the coverage needed if an accident occurs. I can't imagine how you can prevent people from misrepresenting themselves but I would think if there is a teenager in the household they would need to be on the insurance. Mary Hettig   ----- Original Message ----- From: Angie Butterfield To: [EMAIL PROTECTED] Sent: Tuesday, September 30, 2003 10:21 AM Subject: Re: [WTW] Teenage Driver Question Good morning, Dave.  At this point, we are not aware of any of our consumers letting their teenage children drive their cars.  We ask a variety of questions about their current transportation situation and try to make sure that the car is going to be used by the parent.  However, I think this type of thing may be difficult to prevent since once they have the car, they can allow anyone they want to drive it.   I would like to hear any ideas that other loan coordinators may have.   Thanks.   Angie V. Butterfield, M.S., FDC Ways to Work Program Director Family Guidance Center of Alabama (334) 270-4100 ----- Original Message ----- From: Dave Dougherty To: [EMAIL PROTECTED] Sent: Tuesday, September 30, 2003 8:12 AM Subject: [WTW] Teenage Driver Question HI all:   Has anyone had any problems with a WtW borrower letting their teenage son or daughter drive their car?   Or, more to the point, what about the parent that lies so they can get a WtW loan to buy a car for their teenager (when the parent already has a car)?       Is this preventable?   Should we require borrowers to sign an agreement that their teenagers can't drive the car?   Thoughts?   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