Dave, I agree with you 100%. I was amazed at the number of programs that keep a duplicate set of keys.
Fred Weingarth, WtW New Philadelphia, Ohio ----- Original Message ----- From: "Dave Washburn" <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> Sent: Thursday, July 08, 2004 3:50 PM Subject: Re: [WTW] 2nd set of keys > 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. > >
