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Finding New Repo Customers

So you want to expand your repossession service. Where do you find quality new customers? How do you approach them? We have all the tips you need to grow your repossession service one quality customer at a time.

When it is time to grow your repossession service one of the first things you should do is update your repossession service brochure and start compiling a list of credit unions and small banks in your area.

Banks and credit unions generally make better customers than buy here, pay here car lots, and sub prime finance companies. At least you can expect a bank or credit union to pay their bills in a somewhat timely manner. Car lots and finance companies are notorious for outright stiffing the repossessor or attempting to renegotiate the bill after you have already agreed on a price and repossessed the car.

You are not really helping your repossession service grow by adding customers that are a constant problem. You will waste more time putting out finance companies constant repossession fires than performing repossessions for lenders that will pay you as agreed.

OK, so you have compiled a list of local credit unions and small banks, now what do you do? You call them, ask to speak to the repossession department. Tell them that you are an established repossessor in the area with competitive rates and you would like an opportunity to show them what a good repossession service you are.

Ask the lender to send you their five toughest repossession assignments that their regular repossessor was unable to repossess. Most lenders have a drawer full of cases where the repossessor they are using has failed to repossess the lender's collateral.

You would just like an opportunity to show them that you do a better job and charge about the same repossession rates as the repossessor they are currently assigning all of their repossessions to.

If your repossession insurance and repossessors license is in order almost any lender will admire your tenacity and give you a shot at some of their toughest repossessions. Once you repossess several of these cars, ask the lender if they would start sending you regular repossession assignments.

Many banks like to use two or three different repossession services at the same time. There are several reasons for banks operating in this manner:
1. Banks like to create competition between the three repossessors they are using, encouraging all of the repossessors to constantly do their best work for that lender. 2. Banks do not like to keep all of their repossession eggs in one basket. What if a legal problem crops up with one of their repossessors? Banks like to have several other vendors already approved and working their repossession assignments. If there is a problem crops up with one repossession service, the bank can just shift the repossession workload to the other two repossession vendors.

No banker has ever said "No thank you, I'm completely satisfied with the repossession service I am currently using". Keep this in mind when approaching a lender and be prepared to take them to lunch to discuss your repossession service proposal.

What's your opinion?

Reader Comments:

JayCarter says: Those are some great suggestions for selling your repossession service to new lenders. I just picked up three new repossession assignments from a credit union using the techniques you have in this article.

Thanks a Million!

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