Next to repossessing all of their repossession assignments on the first night, an account update is the most important thing you can do to keep your customers happy. Don't just call the lender and tell them that the collateral they assigned to your repossession service isn't showing. Explain what efforts you have taken to figure out where it is.

For example a good repossession assignment account update would sound something like: "Hello, this is Mike from Mikes Recovery. I'm calling to give you an update on the repossession of the 2009 Toyota Tundra you assigned us to repossess from Joe Debtor. I checked the address you provided of 123 Anystreet, morning, noon, and nights. The house is a brown ranch with an attached garage. I have been able to peek in the garage and there is too much junk in it to park a car in it. I checked the work address you provided for Atlas Industries. They run two shifts, I have checked them both and the vehicle has not shown. I know Atlas has a second plant and I have checked those lots too."

Don't ever misrepresent what work you have or have not done on a repossession assignment. Don't ever tell a lender that you have seen the collateral when in fact you have not. Repossessors have lost good customers by stating that they saw the collateral blocked in the driveway, and it turned out that the vehicle was previously wrecked and impounded.

Normally you should update every repossession assignment you have every week. Some lenders are going to request that you email them or fax the lender your repossession assignment account update. Some lenders will require you to update them every three days on any repossession assignment you have from them.

Whatever your customer wants in the way of updates always over deliver. The next best thing to repossessing their car is a good update.


What's your opinion?

Reader Comments:

MikeC says: That is very helpful information. Keeping your repossession customers is half the battle. Thanks again Repo Times