Money Sources
At the time of the sale, what money source does the contract and due dates rely upon?
The customer's (or customers') personal income.
Why is fact finding important?
Several correct answers, award the points for any of the following (there might be others):
In our training last week, we mentioned common opportunities that we see when reviewing accounts which can contribute to customers sometimes not answering all (or any) of your questions. Name one.
1) Not changing the message / using the same format repeatedly
2) Not researching the account enough for last contact notes / ignoring what the customer actually said last time they messaged us
3) Not responding quickly enough
Why is negotiating with our customers important?
There are several correct answers, award points for any of the following (there might be other right answers):
1) Our customers tend to lead with their worst offer. In other words, what they tell us they have vs what they actually have are often two different numbers
2) Asking for more money down with quicker time frames will eventually lead to lower delinquency, higher recency, and more customers driving
3) You never know unless you ask! "You miss 100% of the shots you don't take" - Wayne Gretzky.
4) Negotiating often leads to both sides giving up concessions in exchange for something, leaving both parties with a sense of accomplishment
5) The more money customers pay sooner leads to smaller past due balance sizes in the future, which increases their chances at success
6) Keeping the customer in the habit of paying CarHop in some form of a regular basis leads to better promises kept
7) Negotiating helps to prevent charge-offs and back-offs. Failing to negotiate helps to cause charge-offs and back-offs.
We give you an RFD, you give us a logical follow up question: "I had other bills."
Several correct answers, here are a few (others might also work)?
1) What other bills did you have?
2) When was that bill paid?
3) How much did that cost?
4) Are any (less important / other) bills willing to work with you on a payment plan?
5) Which bill was most expensive?
Why do we offer money sources to customers?
To help customers with ideas on how to resolve their issue. Award points for any variation of this concept.
Complete the sentence: "To get better results, __________" (three words)
Ask better questions.
Ideally, how quickly should we respond to a text?
Within three minutes. Award points for answers such as "almost right away" or "instantaneously."
If the customer offers to pay the balance in full right now on this phone call, what should be your next step?
TAKE THE PAYMENT! First get the account current, then proceed to ask questions. We wouldn't want to talk the customer out of paying.
We give you an RFD, you give us two logical follow up questions: "I lost my job."
Several correct answers, award points for any two of the following (there may be others):
1) When did that happen?
2) When did you get your last paycheck?
3) How much did you get on your last check?
4) What have you looked into in order to get another job?
5) Have you applied for unemployment?
When is the correct time during the call to offer money sources?
Generally, the right time to offer money sources is going to be after all the information is gathered (ie during the negotiations, or sometimes at the end of fact finding). You shouldn't offer money sources without first asking questions. Be patient and listen. Sometimes the customer will tell you what money sources they've already tried. First, give the customer the chance to tell you their own money sources!
What is the most important fact finding question to a customer stating "my car was impounded"?
"Where is the car impounded?"
The key to this question is the term "most important." CarHop knowing where the car is located is more important that other questions that would also be logical to ask such as "what happened / why did that happen / when did that happen / etc" so we can potentially enter the information into the IM screen.
If a customer reaches out for the first time via email and states "I was sick the last few weeks, please be patient with me," what would be a natural human-like word track to include in your response?
Award points for any phrase that expresses empathy.
If a customer is first payment default, offering no money down, and is promising to pay in two weeks, how do we politely tell the customer "no" while also explaining our reasoning for asking for the BIF today?
Award points for "Empathy / Why / Bump" or a demonstration of "Empathy / Why / Bump," such as "I understand you had rent this month, however this is your very first payment and are too new to the contract to qualify for an extension, so in order for this to work out we would need the entire balance today."
We give you an RFD, give us two logical follow up questions: "My paycheck didn't arrive."
There are several correct answers, award points for any two of the following (there may be others):
1) Help me understand the delay in your paycheck?
2) Tell me more about what the problem was...
3) How much were you expecting?
4) What is your payroll department telling you?
5) When do you expect to receive your paycheck?
What are some appropriate money sources we can offer to customers?
There is more than one correct answer, but award points for any two (or more) of the following. "Sources" is plural in the question.
1) Friends and family (usually the most common)
2) Pay day advances from the employer, 2nd job
3) Will another creditor work with them, like the landlord? Or other bills?
4) Food assistance / programs / garage sales / etc
What are the three main questions that should be asked during every fact-finding portion of the call?
1) Why are you behind? (or some variation of this question) with appropriate follow up questions
2) How short of the balance are you today? (Or "If I understand you correctly, you are offering this today")
3) What is your plan to get current? (Or "If I understand you correctly, your plan to get current is ____."
If customers are avoiding your questions, you should consider limiting the number of questions you ask in a single message to ... what?
The syllabus states 2-3 max. One could also make the argument "one at a time."
What is the difference between "Are you calling to make a payment?" versus "How would you like to make that payment today?" and which question is stronger?
One is a open probe question and the other is a closed probe question. To be more specific, "Are you calling to make a payment" is a yes/no question that will usually lead to one of two one-word answers, and that answer is far more likely to be "no." "How would you like to make that payment" is a who/what/why/where/when question that forces the customer to give us a lot more information than a simple "yes" or "no." Therefore, "how would you like" is stronger.
We give you an RFD, you give us three logical follow up questions: "I had to pay for three new tires."
There are several correct answers, award points for three of the following (there may be others):
1) Are you ok?
2) What happened that three tires needed replacing?
3) How much did that cost / run you?
4) When did that happen? / Can you tell me when that happened?
Who do you offer money sources to?
The most simple answer: customers who need them!
This completely depends on what answers the customer gives you during the fact finding. Not every customer will need money sources.
Award points to any variation of this answer, however "to every single customer every collection call" is wrong.
After asking for the balance at the beginning of the call and the customer offering their intentions, what is the best way to transition to fact finding?
"Let me see what I can do, do you mind if I ask you a few questions?"
OR
"Do you mind if I ask you a few questions?"
OR
Just start asking questions. This method can work in many cases, however if not delivered correctly can lead to the fact finding feeling and sounding more like an interrogation instead of a mindfully curious discussion.
Although it is important not to overuse this, for longer email message responses, we could consider using these within the body of the text.
Highlights / bullet points / underlines.
List the four possible closes.
There may be variations on how these closes are described.
1) The payment arrangement close (Time, date, method, amount)
2) The customer who pays you balance in full (Your next due date will be...)
3) The follow up close. In other words, you are pushing the customer to follow up on money sources and call you back in a short amount of time (When can I expect your call?). This category also includes mod follow ups (are you able to check your email today?) or mechanical help (Okay, call me back after you have that estimate done)
4) The "no arrangement" close. Example: "I was hoping to come to an agreement, we aren't quite there yet. I will notate our discussion today so you don't have reexplain your situation; let us know when you come up with one of these options and we'll probably reach out to you at another time."
We will provide an RFD, you provide four logical follow up questions: "I had to pay rent."
There are several correct answers, award points for any four of the following (there may be others):
1) How much did you have to pay?
2) (I'm curious), what's the challenge with paying rent and your car note?
3) Help me understand what has changed since you purchased the car.
4) When was the due date / when is your rent due?
5) How did you overcome that obstacle in previous months?
6) Would it help if we set you up to pay ahead of time during the middle of the month?