Let’s Talk About Car Chases … Vehicle Delinquency Interviews

I have performed many vehicle delinquency interviews. Some were also for boats, jet skis, motorcycles and RVs. You are not asking for any keys or making a repossession. In essence, you are asking the delinquent borrower to call the bank or finance company in your presence. When they call, you get the name of the person they talked to on the telephone.

Let’s talk about pay. I talked to a field inspector on the east coast who is paid $18/$40. The $18.00 is for contact with no call and $40 is for contact and the borrower calling the bank or finance company. Here is where networking is important. Another field inspector on the gulf coast is working with a $20/$60 fee structure. There are both working for the same national field services firm, but they are dealing with different area managers. One field inspector is getting paid a lot more that the other. If you average the two inspection fees, the average is about $19/$50.

The trick to making the higher inspection fee is to get the delinquent borrower to call the bank or finance company. Many will make the call. Great! That’s more money for the inspector. Some with find an excuse for not calling. That’s less money for the inspector.

You sometimes need a carrot to get the delinquent borrower to make the call. Consider going online to Amazon and ordering 10 of the mailed … repeat mailed $10 Amazon Gift Cards. The 10 cards will be mailed to you. Each card with say $10 on the face of the card. There are no fees and no expiration dates.

If a delinquent borrower is reluctant to make the call and you can’t convince them to call, then offer them a $10 Amazon Gift Card if they will make the call. Everyone loves gift cards. Giving away a $10 gift card increases the inspection fee by $22 – $40. The extra profit after the gift card expense is $12 – $30 … profit the inspector would not get if the call was not made. Any of the Amazon Gift Cards that you don’t give away to make extra money, you can keep and use yourself. Nothing is wasted. If you need more gift cards, you can get them delivered in a couple of days.

Everyone WINS … the delinquent borrower, the field inspector, the bank/finance company and Amazon. The inspector call success rate increases. The inspector will get more jobs. Buy some Amazon stock.

Tell me your success story. You can also mail a $10 Amazon Gift Card to Richard Law at PO Box 140, Unionville, VA  22567 if this idea helps you make more money. Spend some of your extra profits at www.sofistore.com.