Horrible Bosses

There's a movie out right now called Horrible Bosses.  I haven't seen it but it looks like it would be pretty funny.


I have, however, worked for horrible bosses over the years.


When they were rude or greedy or unfair, did I give them my best work? Would I ever get the Employee-Of-The-Month parking spot working for one of those kinds of bosses?  Heck no.


I needed a job so I could put gas in my car so I could get to the beach that afternoon.  I would swipe hamburgers (I worked at McDonalds) or surf wax (I worked at a surf shop). You get the picture. Horrible bosses create horrible employees, and although I am reformed now, I was a bad employee working for bad bosses.


A report came out today, the results of a survey of a cross section of the repossession agencies across America done by CU Collector, an independent credit union organization.


Around 72% of repossession agencies reported that they do work for forwarders (the majority of which forward under a no-repo/no fee basis). That is a surprising number. However of these same agencies, only about 22% report that this is a satisfactory arrangement. 


So in other words, MOST of the agencies that work for these cheap-o contingent forwarders think their bosses suck.  Horrible bosses, really.

When you don't like your client (hey, it happens) or they don't pay for extra effort, then guess what? Their assignments make their way to the bottom of your clipboard.


No extra trips to the house when diesel fuel is bumping $4.00 a gallon.


No need to run database searches for new info...its just going to come out of your pocket if you don't get the car....


And, why knock on a door to determine where the debtor DID go, since you're not going to be paid for the "close" anyway?


I know us repo guys aren't rocket scientists, but humans are human.  If we think our bosses are being greedy or unfair, we (as an industry) simply don't perform well...and the numbers bear this out.


We are hearing that forwarder's recovery ratios are 20-40% less than what would be consider industry standards. Nationwide that amounts to billions of dollars in lost cars, simply because too-big-to-fail creditors are using too-cheap-to-be-fair forwarders.   


The repossession industry can and does work hard, and can pull good solid numbers for clients they like. And the clients they like play fair, pay reasonable fees, and reward extra effort. 


Good bosses bring the best out of their people.  And horrible bosses get the results they deserve.