5 organizations reiterate value of direct relationship with repo agents
More than 2,000 years ago, Greek mathematician Archimedes is credited with the finding that the shortest distance between two points is a straight line.
Well, five organizations from the repossession world recently reiterated their industry position using a similar assertion that the most efficient way for finance companies to repossess vehicles and recover funds is the direct method. That’s when there’s a straight line of communication and assignments flowing between the finance company and repossession agent.
“Working directly with companies and associations who have proven consistently over the decades to be reliable, trustworthy and professional is still the safest and most effective strategy that you can employ,” the groups said in a message to SubPrime Auto Finance News. The organizations included:
— Allied Finance Adjusters
— American Recovery Association
— California Association of Licensed Repossessors
— Eagle Group XX
— Texas Accredited Repossession Professionals
Along with being potentially being more cost-effective for finance companies, the organizations asserted their collective experience and resources often can prevent one of the worst scenarios collections and recovery departments can encounter.
“As a lender, you know that there is no worse feeling than being on the wrong side of a wrongful repossession,” the groups said. “It creates a pit in your stomach when the tables are turned. Communication breakdowns are the usual culprit, and the more points of communication to go through, the more that can go wrong.
“Remember direct contact is best,” they continued. “Always remember, these are your accounts. You need to be in control of them and you need to know who represents you in the field.”
And with the pandemic impacting non-corporate entities quite significantly, the groups closed their proposition to finance companies with this thought.
“Save a small business and get better and safer results. Use an association or direct agent for your assignments,” they said.