As an automobile lender there are instances where the customer has failed to pay their loan according to its terms. In some cases, the vehicle needs to be repossessed and auctioned off for sale. When the vehicle sells, it almost always leaves a significant amount of money due on the loan after applying the sale proceeds. This deficiency balance is owed by the customer and it’s not a very easy task to get someone to pay for a vehicle they no longer have or will be able to get back. Repossession and storage fees are also added to the amount owed, so the amount of money the customer owes can be several thousand dollars. It’s imperative that situations like this are acted upon quickly. The longer a deficiency balance remains unpaid the less likely it will ever pay.
Once you’ve attempted to locate, contact and discuss the deficiency balance with the customer without success, it’s time to act by letting Southwest Recovery Services take over. Our team has over 100 years of combined auto finance and deficiency collection experience.
We are able to:
When it comes time for contact with the customer who has surrendered their vehicle, our team has the experience and knowledge needed to handle these situations professionally. It takes a unique skill set to be successful in recovering deficiency balances on automobiles. Repossessions are damaging to a customer’s credit and to their self-image so it takes a special approach to deal with people who are in this situation.
Southwest Recovery Services is a national collection agency with offices in Texas, Oklahoma, Missouri, Ohio, Florida and Georgia.