Hello, It was interesting to read the responses to this question. I did't realize keeping a second set of keys was so popular among programs.
But I'd like to offer a different opinion, for the record. Upon originally considering this practice when we started the program in 2001, we decided it was not consistent with one of our core philosophies. We believed that in order to give a true "second chance" (perhaps a "last chance"), we needed to treat our customers with the same respect received by the most valued customers of a traditional bank. That meant, among other things, affording them the same level of trust, as well. Therefore, we would not keep a set of keys. After taking the customer through a careful screening process, making clear the consequences of non-payment, and providing money management instruction, our hope was that our relationship with the customer built in this way would help to support their commitment to pay the loan in full. Other considerations: Did I really want to be the person taking away the car? (No, considering some obvious liability concerns). Did we have the means to store the vehicle if we needed to? (No, in downtown Honolulu, parking is a very limited commodity). With most customers, the issue is moot. I've found that the vast majority want to be responsible borrowers. The biggest obstacle to repayment has been loss of employment, or underemployment. So far, operating under this philosophy and with strong collection practices, we've been able to limit our default rate to 8.9%. I suppose it's a matter of opinion whether this take on program operations is much different than the other. I just thought it was important to share another point of view. Thanks, Dave Dave Washburn Ways to Work Program Manager YWCA of Oahu 1040 Richards Street Honolulu, HI 96813 808-538-7061 ext. 248 (direct) 808-531-8541 (fax) >>> [EMAIL PROTECTED] 7/8/2004 4:06:37 AM >>> Hello everyone, We are looking into the possibility that our program receive a set of keys for vehicles purchased through Ways to Work. This would save money if a repossession had to take place. My question is this: How do we do this? Do we need to be placed on title as 2nd lien holder? Any suggestions would be appreciated. Thank You, Wendy Green, Canton Ohio Wendy M Green Ways to Work Program Assistant Trillium Family Solutions 330-454-7066 ext 344 This message may contain confidential and/or privileged information. If you are not the addressee or authorized to receive this for the addressee, you must not use, copy, disclose or take any action based on this message or any information herein. If you have received this message in error, please advise the sender immediately by reply e-mail and delete this message. Thank you for your cooperation.
