| | | Hi Mad,
Customers are serial NO PAYERS.
We ran a buy here pay here in poor EastTexas.
The profit on a sale had a 35% of the gross profit repo reserve account.
So repos, whittles that reserve down quickly.
If as a business you get the reputation that you don't repo (wherever the skip customer goes to) you'll have problems.
The guys who make this work, will hop on their repo truck and go wherever it requires to snag back the car - it establishes the name.
There are skip repo folks who are quite clever, who can find them. Usually an application to a utility company will trigger his/her new location.
It's a local business, at its best, and very tough way to make a living., even at usury rates.
Every once in a while, you help a good person establish credit. I had a single woman who paid every note due, and I gave the record to my GMAC rep and got her established with normal good credit rates. She bought an inexpensive new car (GEO Metro). I still remember her crying with a smile as she hugged me for helping her out of the "Bad Credit "reputation she had been saddled with.
It took a cl0se friend from GMAC to trust my experience and give her help in the credit world.
Sadly, a rare experience.
Bob |
|
