Auto Deficiency Balances Got You Down?
It’s no secret, auto deficiency debt is hard to collect – really hard. You first have to get past the fact that many debtors don’t even realize that that they may owe money even after a car has been repossessed and sold. A quick online search for the term “auto deficiency balance” returns page after page of people asking if and why they owe this debt. Add to that regulations that curtail how you can pursue this debt and you’ve got a monumental collection challenge.
What if you had new data – data that could help you find out how to connect with the debtor? After all, that’s not even half the battle; that is the battle – connecting with people who don’t even think they owe anything most of the time. Once you connect, you can work with that debtor and explain their obligations and attempt to put together a plan to collect what is owed.
The same technology that lenders use to locate vehicles for recovery can now be used to connect with your debtor. Vehicle location data serves up the date, time and location that vehicle license plates were spotted. And where there’s a vehicle, there’s usually the person driving that vehicle nearby (DRN’s data shows that 90% of the time people are within 1,000 feet of their vehicle). But with an auto deficiency, the challenge is that your debtor is likely driving something else now.
Traditional auto deficiency collection depends on the Comp Report – yet often the Comp Report falls short. Here’s where vehicle location data comes in. We can use the account information you provide to find the new vehicle your debtor is driving and then use vehicle sightings to generate the most recent phone numbers and addresses to connect with your customer.
It’s easy to get started. A simple, secure online interface gives you access to the data you need to make contact fast! Give me a call to learn more today.
