Comment

Comment by Holly Ferris on January 3, 2011 at 3:33pm

Automated processes for managing and handling collections documents can streamline repossessions, bankruptcies, and defaults, resulting in quicker recoveries and smaller losses.  Download this free White Paper to learn more about how to use technology to revolutionize your small or mid-market auto lending company.             Free White Paper from NFS

Comment by Jim Kubera on November 4, 2010 at 12:04pm

Everyone knows that improving the collections process for a sub-prime auto finance company adds dollars directly to the bottom line. There are many ways to improve collections effectiveness including enhanced customer communications, GPS tracking technology and correlation analysis between application scoring models and loan program performance. While these techniques are effective, the technology and training required to implement them can be time intensive and costly.

One technique that has been proven to be both effective and inexpensive to implement is utilizing collection call success ratios to foster best practices for collections agents and/or collections teams. Simple business intelligence analytics can easily illustrate the effectiveness of collections agents to identify top performers and those agents that need additional training (or motivation).

We can start with some simple collections activity results which when viewed side-by-side in a bar chart speak volumes. Four criteria which should be charted for each Collections Agent include:
1. Total number of calls made by a Collections Agent within a specific time period. The time period is critical since any agent can have a good week but sustaining consistent results month upon month is much more meaningful. I would recommend beginning with a time period of one quarter and then drilling down to month / week / day as needed.

2. The first ratio of Collections Agent effectiveness would be to compare the total number of calls made (as in example 1.) to the total number of “promises to pay” that were received. Some Collections Agents are good at making calls but aren’t good at working with the customer to get them to commit to making a payment against their delinquent balance.

3. The second ratio is to compare the total number of “promises to pay” with the total number of “promises to pay that were kept”. Getting the customer to make a payment, any payment, is important in order to establishing a positive pattern of behavior. While making a payment is important, we still have not arrived at our ultimate goal which is a zero balance.

4. The third ratio is to compare the total number of “promises to pay that were kept” to the total number of “promises to pay that were kept and brought the account current”. While this ratio is a clear indicator of Collections Agent effectiveness, one must also take into account the total number of calls that were made.

By viewing a simple bar chart showing these four criteria a Collections Manager can immediately identify the top performing Collections Agents or Collection Agent Teams. Changing the time period being analyzed from current quarter to previous quarter, current month to previous month, etc. can also provide valuable insight into Collections Agent or Team consistency.

Once top performing Collections Agents are identified the Collections Manager can monitor their daily work activities to determine why they are more effective. Are they making more calls, being more persuasive, using payment history at their disposal or possibly making prudent payment arrangements consistent with the customer’s financial situation? That is where the experience of the Collections Manager comes into play since no amount of business intelligence can take the place of human intelligence.

Comment by Glenn S. Gottfried on November 1, 2010 at 1:10pm

Please check out the featured article on GripFin in Auto Finance News' October publication from the 2010 Auto Finance Summit

AFN Article

Comment by Glenn S. Gottfried on October 9, 2010 at 10:59am

I am excited about joining the Auto Lending Solutions - Collections Forum and am looking forward to participating in providing relevant information and interaction. GripFin provides financial transaction advisory services to auto portfolio originators, sellers and buyers of all sizes and credit spectrums. Please visit my profile and website (gripfin.com) for further details.

Comment by Kelly Barbour on June 29, 2010 at 9:22am

It's not too late...to increase asset recovery rate and auction valuations! Join me and participate in a web event on June 29th at 2:00pm during which time CARS will demonstrate technology and services which consistently provide the industry's highest repossession recovery rate and some of the industry's highest returns at auction. Reserve your Webinar seat now at: http://lnkd.in/c3448g Please contact Kelly Barbour at 919 518 2277 x117 if you have any questions.

Comment by Kelly Barbour on June 25, 2010 at 11:25am

Want to increase your asset recovery rate and auction valuations?
Join me and participate in a web event on June 29th at 2:00pm during which time CARS will demonstrate technology and services which consistently provide the industry's highest repossession recovery rate and some of the industry's highest returns at auction. Reserve your Webinar seat now at: http://lnkd.in/c3448g Please contact Kelly Barbour at 919 518 2277 x117 if you have any questions.

Comment by ALL on February 24, 2010 at 4:11am

ALL YOUR REPO NEEDS.
WWW.ALLRECOVERY.BIZ

Comment by John Jelinek on September 11, 2009 at 9:01am

Consumer Finance Asset Management, LLC (CFAM) purchases secured charged off auto loan accounts - bankrupt and non-bankrupt - between 90 – 280 days past due and has the capability to support single loan pool acquisitions as well as forward flow arrangements.

Please contact me at john.jelinek@cfamllc.com or 469-682-9553 for more information.

Comment by John Marlin on June 29, 2009 at 4:22pm

Hello all,
We are offering an innovative online collections platform that combines elements of eBay and Priceline. This is a very cost-effective option for pre-chargeoff small balance (<$2,500) accounts. All fees are contingent on collections. For more information, please e-mail me at themarlinagency@gmail.com.

Comment by Rick Beagle on October 29, 2008 at 1:11pm

Good afternoon fellow colleagues. Hope all is secure in your fields and I wish everyone the best of luck during these volatile times.

Figured I would start a discussion or some dialogue for some interest, advice, or referrals within the asset remarketing division of auto finance.

Triad Financial funds new business through securitizations. Due to the credit crunch that smashed the non-prime industry, securitization of non prime auto assets has dried up. Triad made an operational decision to leverage its strength as one of the best and most experienced collection / customer service organizations in the country.

I have the priviledge of focusing my efforts on assisting small finance company's and credit unions with alternatives to there existing processes in regards to asset remarketing. Utilizing Triad's best-in-class remarketing program, Trademark by Triad, company's can allow us to remarket their vehicles, obtain an average increase in auction yield by more than 5%, and allocate resources to other viable areas.

Please visit our website at www.triadfinancial.com

You may also contact myself for more information at rbeagle@triadfinancial.com

Look forward to hearing from all of you
Richard Beagle II
Sales Manager
Triad Financial Corporation