Call Flow
Conversation NOT Interrogation
Conversation NOT Interrogation
What does RFD stand for?
Reason For Delay
What should every interaction end with?
*the desired outcome of any reach/communication
A payment, and/or a plan of action moving forward.
Call them.
Pro Tip: if you get a text or email - try calling to reach cust faster - if they don't answer then reply to text/em
SOD=how many days of payments?
60 days of PAYMENTS (not be confused with "age")
How many days past due, are "late accounts"?
Anywhere from 30-999 days late.
What is a polite way to transition to fact finding?
Do you mind if I ask you a few questions?
What does WIIFM stand for?
Tell us your go to WIIFM
What's In It For Me - these are meant to give the customer a reason to pay and should be persuasive.
If I could...Would you? (Any WIIFM works)
How often can we call an "authorized party"?
Every 7 days or weekly.
Why are we strict on SOD eligible accounts?
1-Possible indicator of affordability issues
2-Establish good pay habits
3-Prevent's backoffs, by collecting 60 days worth of payments
4-They already have a PP, it is the Retail Installment Contract they signed
Who should you call, if the vehicle has been assigned more than two weeks and not repo'd?
Hint: It ain't the Ghostbusters
The repo co! What can we do help get this picked-up or do they have any updates?
What are the 3 main questions in fact finding?
What happened that caused you to fall behind?
How short of the balance are you today?
What is your plan to get current?
What is the negotiation ladder?
1-Come back to BIF
2-75-50% of payment & PP to get current
3-Use the PS screen to complete a short payment & PP to get current
4-GFP today and PP to get current
According the Daily Queue Work Strategy, at what day past due, should we call the PH screen and how often from then on can we call?
7 days past due
If leave message or reach a person - have to wait 2 weeks.
On the days below, what should our DIG be and why?
Monday - Tues - Weds
Mon 3's: recently paid (AKA Friday bubble), easier to collect BIF & keeps delinquency low
Tues 4's: follow-up, create urgency
Weds 5's: persistence breaks resistance
By following our Friday bubble, we have more control and impact on what rolls into later buckets.
Typically at what day past due should you PR a "late" account ?
At what day past due should you code an account for Chargeoff?
PR= 45 days late/30 days no pmnt/contact
Code for Chargeoff @ 80 days late
Fill in the blank.
Thank you for calling _____, my name is _____. This ___ __ _____ ______. How can I _____ you?
CarHop
AM's name
Call is being recorded
Help
What are the 5 rules to good negotiations?
1-Ask for the BIF in the open – It sets the tone for the call.
2-Don’t throw out the first offer
3-Always bump the customer offer
4-Use planned pauses or silence- don’t talk your self out of payment
5-Get as much as you, but take what you can get.
According to the Daily Queue Work Strategy, what should you do when an account is 7 days late, and what should you do when 10 days late?
7 days late = call PH screen
10 days late = call POE
What days should we call our PP's and Failed PP's?
EVERY DAY!!
Helps to create urgency, and shows customers that we follow up on what we are expecting.
What does "collect cash, not cars whenever possible" mean?
That our job is to generate revenue (collect) from customers who are past due, WHILE finding ways and solutions to help them keep driving - whenever possible!
What are the compliance parts of an INBOUND and an OUTBOUND call?
Inbound - CarHop, AM Name, Call recording disclosure, Cust's full legal name, last 4 of social
Outbound - all of the above except last 4 of social.
What are the 4 types of closes?
BIF - thank you for your payment today, your next pay date is (date)
PP - recap dates/amounts/time/method
Looking for GFP & call back - give cust timeframe to contact us with GFP to get PP - set appt to f/u
No arrangement - I was hoping we could reach an agreement today, but we're not quite there yet....
Why is checking the DV important?
1-The repo company will be able to pick up vehicle sooner if they know the location.
2-Checking the device will tell you: if they poss moved, if the car is impounded, in a shop, and if being driven.
Scavenger Hunt on Drivenet!
Find the Firm and Friendly guide on Drivenet.
Explain how/why to use it.
What are the two main objectives when working late accounts?
1-SAVE MODE: #1 for a reason! Do your best "Baby, baby please come back to CarHop" try to find a way to save the account - usually PP's and MODs are helpful here
2-Get The Car Back: If we repo, we can poss get their attention and redeem - If we can't redeem, we will at least get some money which lowers chargeoffs.