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Mary,
In
cases where reposession is necessary before 60 days of delinquency, our partner
financial institution does the repo. After that point, we are required to
purchase the loan from the bank and reposession would be our responsibility. If
you have some room to negotiate, I would advise pushing for the bank to be
responsible for repossessions, which could help save you time and money. In many
of our repo cases, we've taken a loss because of the poor condition of the
vehicle. Therefore, we also consider legal action through small claims court to
garnish funds when we know the current employer of the
borrower.
Dave
Washburn
Consuelo Foundation
Honolulu, HI
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 -----
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
----- Original Message -----
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 -----
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
----- Original Message -----
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 -----
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 -----
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
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