When first getting into the repossession business, while it might be exciting you got an account or two locally with the local car dealers. it is extremely important to know that you will need more new repossession or skip accounts in the very near future.
The repossession industry sucks in some ways that especially now with the way the economy is and corruption is, banks will close or merge more often then we like. You think ah ok good. No, wrong. These banks that merge might have their repossession agent for years and he will get your contract moving forward. So imagine, you have a family to feed, bills to pay and you rely only on one major bank. There is a good chance you will sooner or later get screwed.
I remember when one major bank merged with another, luckily for us we specialized in high end skips, vessels and aircraft and we were known nationwide in that industry. If it were cars surely we would have lost them immediately as some banks favor a car repossession company they been working with for years. Perhaps it is the company that throws big Christmas parties for them each year, or sends the better care packages. We used to have to spend thousands of dollars Christmas time in packages to show our appreciation of all the orders each and every year. When you have service contracts with big companies gifts are a must during Christmas time. Just as they would send us Christmas cards or small gifts each year.
Getting more repossession accounts
What you need to do is continually ask for letters of recommendation as you grow. Let’s say you have a one time repossession deal with a bank in California. It is only a one time deal since they do not have anything in your area normally. You do a great job for them, ask them for a letter of recommendation and add this letter to your arsenal.
We actually have a beautiful package that we send out to new banks or banks that call us asking for our rates. We made up a really nice presentation with a cover letter including bios of our partners or workers. Our specializations, pricing and locations. In the back you will find our arsenal of recommendation letters. We even added some awards letters from major banks for doing such a wonderful job with the accounts from A to Z.
It will be imperative for any new bank to have someone to call and ask how you do with them. So my recommendation to those starting out is to get letters even from the small car dealerships you do work for. Never screw up the jobs and never fight with the managers.
On occasion our bank would send us an auto case that they just could’t find. So rather then flying out, we would find the unit and forward it to an agent in the area. let me tell you, learn who you send orders to before you send them out.
Some of these repo guys are so mistrusting in the industry from all the crap they deal with that they begin to start treating everyone like that. I send this repo to the guy to pick up, 2 days later his $300.00 check wasn’t across the country, he called me on my cell and started cursing about his check going as far as making threats. Just be careful who you use. Do some research or call a bank or car dealer in the area for a recommendation.