The Expert Podcast

Be aware that you're the primary borrower on a defaulted automotive loan. Some lenders are starting to ramp up. Their…recovery tactics because they need to get some money Here's an example of wares welfare Wells Fargo. Automotive is offering incentives to repo agencies. The lenders offering 500 to prioritize repossession of its vehicles. $500 per vehicle incentive. To repo agencies to prioritize the recovery of their vehicles amid a shortage of. personnel. So you're going to find that…Because of the fact there's not enough people out there to recover these vehicles…Some banks are putting bounties. On their vehicles to have them put at the front of the line So if you have a vehicle that has a lien on it that's in default. You may be in a good position to negotiate with that lender because they really don't want the vehicle. They want money. Right So a lot of times they'll negotiate certain amounts for a lien release rather than to be at risk of never recovering that vehicle And even if they do recover the vehicle, there's a lot of costs involved. First they have to spend 500. Just the repossession company then they have to transport it Auction fees. In most cases it's several thousand dollars to recover that vehicle. So in lieu of that if they can have some type of. negotiated settlement. With a debtor or even a subsequent owner that may be more advantageous than paying out thousands of dollars for a vehicle that's unknown condition or unknown location.