I’M DONE! – Final Words from an Agency Owner

EDITORIAL

As the repossession industry continues to experience downward price pressure and continuous unreasonable demands from lenders and forwarders, we are saddened by the closing of yet another repossession agency. Below is a recent post made by the owner of one such agency.

 

Fellow owners I’m DONE. I got in this business when I was 21 years old and was getting paid MORE per repo, fuel was .88 cents a gallon insurance wasn’t even ten thousand per year and a brand new rollback was $52k. Trucks are now $100k fuel is 2$ @ a gallon, insurance is $60k and repo fees are down and now they have stripped us of any way to earn.

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Getting Back to the Point – The Heart of the Santander CARS Mandate Editorial

EDITORIAL REBUTTAL

Our initial editorial titled “Santander Demands CARS Certification – The Contingent Fee Contradiction” we addressed the issue of Santander/Chrysler demanding that all of their approximate 700 agencies be CARS Certified. Despite our extreme efforts to distance any blame on RISC, CARS or Joe Taylor, Stamatis Ferrolis or Mark Lacek, all of their editorial responses focused solely upon their defense. It seems like either they all miss the point or perhaps they agree with us and just can’t say it?

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Just the Facts Ma’am – Editorial Response from Joe Taylor

EDITORIAL REBUTTAL

Before I get started on this article I would be remiss if I did not first recognize those brave and compassionate recovery agents who have gone to Houston to help in the aftermath of hurricane Harvey. I thank you for your efforts and pray for your safe return to your own home soon.  I also continue to send prayers to those agents affected by Hurricane Harvey.  Now, to my reasons for writing this article.

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Rebuttal to Santander CARS Certification Editorial

EDITORIAL REBUTTAL

I read your editorial regarding Santander/Chrysler and I would like to take this opportunity to respond to parts of it.  I have known Joe Taylor and Stamatis Ferarolis for more years than I can remember and I totally agree with what your editorial said about them so we will leave that where it is.

The two things I want to respond to is contingency and certification and I mean real professional certification.

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Santander Demands CARS Certification – The Contingent Fee Contradiction

Editorial

We’ve been getting a lot of laughs lately, as well as some copies of cancellation letters being sent to lenders and forwarders over their ludicrous demands. If you work for Santander/Chrysler you should have already received their latest demand for CARS Certification. While we strongly support the CARS program created by the respected industry veterans, Joe Taylor and Stamatis Ferrolis and RISC, we find the Santander/Chryslers demands almost laughable considering they demand their agents partake in the obviously dangerous practice of contingent assignments.

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Contingent Work = Casual Work?

Editorial

The other day, I was sent an email from a leader at one of the major trade associations that just about made me laugh, if only for the fact it is so ridiculous, farfetched and outright outrageous. I was shown the Wikipedia definition of Contingent Work. You know, as in contingent assignments?

Contingent work or casual work is an employment relationship which is considered non-permanent. These jobs are typically part time (typically with variable hours), have limited job security, and result in payment on a piece work basis. Contingent work is usually not considered to be a career or part of a career. One of the features of contingent work is that it usually offers little or no opportunity for career development. Contingent workers are also often called freelancers, independent professionals, temporary contract workers, independent contractors, or consultants

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Does the Repo Man’s Life Matter Anymore?

wlk_awayGuest Editorial

In my 30 plus years in the repossession business I have seen so many changes that has affected the way we do business. Auto auctions have set up companies to solicit the handling of repossessions for the major banks and captive finance companies. Their purpose is to increase their sales of recovered collateral.  They charge a fee to handle the assigned repossession and then broker it to Repossession companies across the nation. They depend on the recovery company they hire to find and recover the collateral for a flat fee.

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The Stupid Math behind Contingent Repossession Assignments

math“People don’t always respond to incentives in the ways you might predict. What distinguishes good economic thinking from bad is recognition of the subtle, creative, and often unforeseen ways that people respond to incentives.” Economist Glen Whitman

 

GUEST EDITORIAL

Ask any economist, and he’s tell you that the business world works best where there are proper incentives in place to guarantee the best performance. And bad incentives produce what’s called “perverse consequences”. And there’s a secret perverse consequence to contingency assignments that’s being kept hidden.

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RESOLUTION…SAME AS REPOSSESSION

bill_paidGuest Editorial

I read where a forwarder was offering a fee for a “RESOLUTION” where a recovery specialist makes contact with a consumer and through that effort the client reaches an amicable agreement with the consumer. This fee, I would assume, would be less than a full recovery fee and under the circumstances I wonder “WHY”?

Why would a “RESOLUTION not be worth the same as a “REPOSSESSION”?

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Let’s Talk Repo Fees

bill_paidEditorial

There has been a lot of talk about repo fees; some going down, some going up, some contingent, and even some that limit how much and for what.   Of course the recovery agent wants more, the lender wants less, and the forwarder just wants a piece of the middle.  Would it surprise you to know, that together, the answer to everyone’s wants has been placed right before our very eyes?

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