Negotiation
What are the diagnostic questions?
How much of the Total Amount Due (TAD) can you pay today?
When can you pay the remaining balance?
When can you the balance? (If can't pay TAD today)
What actions should we take when the repossession assigned flag is active?
Negotiate for a PTP and place the account on hold when customer agrees to acceptable arrangements.
If an account is assigned for repo and the customer says they will pay online. Should we set a PTP?
No
What additional documentation should we use on accounts assigned for repossession?
Vehicle is out for repossession template
The repo assignment will be automatically closed when the account is less than 45 DPD?
True
After how many days past due do we send a cure letter?
40-44 days past due
When are repossession requests created automatically?
At 80 DPD
What is the minimum amount for an account 79 DPD and out for repo?
1 Monthly payment + Fees
What additional information must we add to set proper expectations when accounts are 60+ DPD?
Including the risk of possible repossession
What is a voluntary repossession?
One requested by the customer, regardless of the delinquent status
What should we tell a customer which vehicle has been repossessed?
Transfer to reinstatements
What are the repossession status?
Pending review
Repo assigned
Repossessed
If a supervisor cannot locate the payment on WU or MG can we set up a PTP?
No
When should we include the risk of repossession on the documentation? (DPD)
When the account is 60+ DPD
How long is a repo on hold when customer is still 45 DPD or more?
7 days
What are the early termination statements that you may encounter? Name 2
Time
Responsibility
Tense
No statement
Nothing to talk about
Line in the sand
What is a consequence of a repossession?
Negative credit impact
Pick up and storage fees
Possible outstanding balance
Which are acceptable payment methods when the account is assigned for repossession?
Debit card
Western union
Moneygram express
What is a cure notice / letter?
A cure notice informs the customer that we will enforce the rights to repo the vehicle if their account is not brought current within a specific time frame
If an account if OFR (out for repossession) with 80+ DPD what is the minimum amount, we should request?
2 full payments
What actions should we take when the Repo Assigned flag is active?
Confirm if customer is still in possession of the vehicle
Advise status of the account
What should we do when there is a Repo SR in Pending/Pending Review status?
Escalate the account to your supervisor before setting a PTP
Please select the minimum requirement for accounts 60-79 DPD, Not OFR.
7 days
What should we document on repo assigned accounts when the customer sets a PTP?
MAD
Confirmation # for the payment
Should an agent place a repo assignment on hold when the customer agrees to acceptable PTP based on the PTP Matrix?
True