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Door Knocking For Keys
There has been some discussion as of late about the practice of knocking on a debtor’s door once a recovery has been perfected. It appears that some agents feel the need to ‘trade’ personal property from a recovered unit in exchange for the keys. While I really cannot tell someone that a certain practice is not the proper avenue for their situation, I do feel the need to take this particular habit to task.
At hand, is the agents desire to acquire the keys to a unit once repossession has taken place. There are several advantages to having keys. Some clients require them, they are useful post repossession for transport and moving the unit into storage, etc.
None of these reasons however out weigh the risks of knocking on a debtor’s door or making contact with same. To me, this method seems as successful as dangling a piece of meat in front of a hungry lion.
I may be wrong, but I was always under the impression that the most valuable trait of the “Repo Man’ was his stealth. We were in and out and for a large percentage of recoveries, the debtor did not even know of our presence until the next time he went to use his car.
Why in the world would one make the decision to alert the debtor immediately following the taking of, not only their car, but in many cases, their livelihood? I can only surmise that this is done out of desperation and to protect profit.
The ‘out of desperation’ part is born of the agents need to land a new client at what ever concessions he must relinquish to satisfy that clients requests. I have spoken often about the influx of new agents due to both the economy and the television shows and these factors have created a new breed of recovery agents that are in fierce competition with each other regardless of safety, legal ramifications or price.
In the conversation I was following, I noticed that nearly every agent that had several years experience, stated that they would not contact the debtor immediately following recovery, while almost all of those that are relatively new to the industry stated that they would.
In my last article, I coined the term “Repo Rage” and discussed the rise of physical altercations, assault and unfortunately, murder perpetrated against recovery agents. Given the increase in repo rage, is it really wise to knock on a debtors door immediately after repossession and demand keys?
Not in my book!
12 Responses to “Door Knocking For Keys”
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Unnessicaryly knocking on a debtors door is pandimount to the opening of Pandora’s box!
If pushed, I believe the majority of agents who door knock for keys are more interested in not dealing with personal property or looking to have a unit driven back to the yard and less concerned about who is going to answer the door. A gamble that often turns sour in a moment; either suddenly they are dealing with multiple people who come running out of the house, apt, or business or they’re spending to much valuable time getting belongings out of one recovery and/or the inevitable phone call to PD stealing more time and then hoping they are not advised to drop the unit. It can easily turn a 5 minute recovery into hours of hassle or distress striping the agent of valuable time; something agents complain they don’t’ have enough. As SOP we train not to door knock for keys.
My response to this post is one of admiration and curiosity. I have worked for 2 repossession companies and one of them was very concerned with getting keys from debtors. I totally agree that probably it is not the best idea to regain possession of the vehicle then knock on the door and say…. Hi, give me your keys!! When I think of the name “Repo Man” I think of the guy driving a snatch truck around at night being as stealthy as possible and prides himself on that skill. When my boss got on me about obtaining keys my argument was the same everytime. “Why can’t our office get the keys before you let the debtor remover his/her belongings?” That way it usually gives the debtor a day or 2 to realize that this has happened and the only way to retrieve their items is to give the keys up. Not when they are ramped up after watching Operation Repo and waiting for someone like Matt to get all up in their face. Does anybody else agree with me, or does anybody out there’s actual company refrain from obtaining keys the way that more and more companies are requiring us to do?
I have been a licensed collateral recovery specialist in Florida for over 30 years and currently write insurance coverage’s exclusively to the collateral recovey industry. I have to totally agree with David Branch regarding “knocking for keys”. Putting one’s profits before one’s safety is not only foolish it is also inconsiderate of one’s family. I have long advocated that the lien holder require the selling dealer to provide them with keys to every automobile they finance, just like a buy here, pay here dealer does. However, I have found the lien holder to be quite dismissive of such suggestion. After all, it is not the lien holder that is placed in jeopardy.
Well I guess I am the minority here because I have been repossessing cars In Chicago and LA for about 25 years and have never used a tow truck or been stealthy. I have received keys about 98% of the time without any problems. 1% debtor was not even there and 1 percent were well not very nice.Most people are not bad people they have fallen on bad times and most of them are not mad at you.They are mad at the Bank for calling 4 times a day looking for money.I can honestly say over 80% have told the bank to come get the car.And of those most have been in the driveway for many months because the bank wont pick them up.They started driving them again.It has been this way for many years.As a matter of fact most thank me for not coming in the middle of the night.I have worked with my wife from about 11 am till about 10 pm when you can talk to people.I am not telling you all to sell your tow trucks because there is a lot of skill in treating a person with respect asking them for there car removing property and plates and having the debtor thank you.I have even made some friends I still speak with many of them years later.There is two sides to every story.I have just taken a moment of my day to listen…..Works for me.Good luck be safe and remember most have you have not always been in the best financial shape in your own lives.I know some of you will scream Breach of Peace Bla Bla but The tow Truck Payments I havnt had to pay in 25 years has made up for the dozen or so cars I have lost from not having a Truck.Be safe and remember what you are doing and Where.God bless you all……Jim
Knocking on the door for the key is really just the beginning. To initiate unnecessary contact with the debtor begins a potential series of events that could very well test the limits of your insurance coverage and at the worst challenge the safety of the recovery agent. If the debtor is willing to give up the key to the collateral they, rightfully so, will want to remove the personal property from the vehicle. Simply, where would you rather handle this transaction? In the street in front of the debtor’s home or in the safe, controlled environment of your office?
Dave Branch is correct… Many recovery agents are seeking keys at the point of repossession “out of desperation.” The cause of the desperation certainly depends on the agent. Maybe their fee structure requires keys for each unit. It is definitely more cost effective to get the key from the debtor than to locksmith the unit… Or is it?? Maybe the agent covers such a large area that the agent is desperate for a key so the unit can be driven to the storage compound. Whatever the reason… Knocking on the door of the Debtor after securing the unit has far more potential for negative results for both the agent, personally, and the company.
I am a General Manager of a large repossession firm in Georgia and the owners and I go around all the time about this very thing. Neither of them have ever been in the field, while I spent the first fifteen years of my working life there. I agree with each one of you and wanted to add one other thing. BANKRUPTCY!!! Of the vehicles I’ve had to set down I’d say 90% were because of an active bankruptcy. I don’t knock doors unless the vehicle is in the garage or not there. Good luck and be safe out there!!!
No way should you knock for keys. This is asking to have a HUGE problem. Keys are not worth being beaten up or shot over.
There will be enough times that you will have to make contact with the debtor without arbitraiarlly doing it. door knocking for keys is tandimount to the opening of Pandora”s box. All kinds of things can come out, boyfriends, guns, knifes, even naked people! you just don’t know what your going to get!
I have had a pretty sucessful time knocking the door for keys.
I just advise them if they want their personal property they need to give the keys up before I let them walk twards their vehicle and they are not get hostile with me or it will be over before it starts.
If they are telling me to go f myself when they answer the door I tell them sorry to bother you.
You may pick up your stuff once I have done a complete inventory of the vehicle and there will be a bill for that which must be paid before they get their personal porperty back.
That usually calms them down quickly.
I agree with James Mcduffie. I have repode in Richmond Va for 10 years and here in West Va for the past 10 years and I always door knock for keys. My approach is that I wanted to give them the opportunity to get their personal belongings and I have never had a confrontation. Yes, a cussing but I also feel it is how you carry yourself and treat people with dignity. They can cuss me all they want but Im leaving with the unit and I dont have to deal with pp and I get the keys which always looks good to the client. Not having to deal with pp also lowers the risk of law suits. I have had 2 guns pulled on me in 20 years doing a repo and about 10 times getting pp back. Too many of these guys who are “the repo man” need to develope skills of interaction with the debtors and stop stealing there cars in the middle of the night. When they come to the lot to get the pp they are madder then hell and leads to issues. JMO
some companies charge a fee to obtain the keys. it’s leinholder’s like ford that pressure their vendors to obtain keys or they have to make a working key for the car at no addtional charge. button pushing worms.it’s just another service they want someone to perform for free. upper manangement coporate mentality.