How to Manage Repos and Charge-Offs

IN THIS ARTICLE

• Starting the Repo Process
• Updating Repo Status
• Printing Repo Documents
• Charging Off an Account
• Viewing Repo/Charge-Off History

Starting the Repo Process

To begin the repossession process, follow these steps:

1. Go to the customer's BHPH account page, then click on the Repo/Charge-Off tab.
   
   
   
   
2. Click Start New Repo. The system will automatically set the status to Pre-Repo.
   
   
   
   
3. Select a Repo Reason, such as "Non-Payment."
4. Assign a Repo Company, if applicable.
5. Add any Repo Fees using the Add New button. These fees are automatically applied to the customer’s account once the repo is complete.
   
   
   
   
6. You’ll also see an Add to Bal checkbox:
   
   
   • If this box is checked, the repo-related fees are manually added to the account balance immediately. This is helpful if you want to provide the customer with a complete balance, including repo fees, for them to review now.
   • If the box is unchecked, the repo fees will only be added once the repo is completed, and this happens automatically.
     
     
     
     

Updating Repo Status

To update the repo status, follow these steps:

1. Change the status to Out for Repo when the vehicle is ready for recovery. The system will log the Out for Repo Date.
   
   
   
   
2. Update the status to Repossessed after the vehicle is recovered.
3. If the customer pays the owed balance, set the status to Cured to cancel the repo.
   
   

Printing Repo Documents

To print required documents, follow these steps:

1. Use the Print Pre-Repo Notice, Print Right to Cure, and Print Repo Order buttons in the Repo Info section.
2. Ensure compliance by mailing the Right to Cure form to the customer. The system updates the RTC Date and sets the RTC Sent field to "Yes" after printing.
   
   

Charging Off an Account

To charge off an account, follow these steps:

1. Go to the Charge-Off section.
   
   
   
   
2. Set the Charge-Off Reason, such as "Repossessed."
3. If you are adding the vehicle back into inventory, set Restock Unit to "Yes," then update the mileage and assign a new stock number.
4. Enter the Current Value of the vehicle to calculate the Bad Debt Amount. The system records any vehicle recovery value as a credit.
5. Click the Charge-Off button to finish.
   
   
   
   
6. The system will automatically apply a payment to the account based on the repossession value, reducing the owed amount accordingly.
   
   

Viewing Repo/Charge-Off History

To review repo and charge-off history, follow these steps:

1. Open the Repo/Charge-Off History section.
2. Review the detailed timeline of actions for compliance and reporting purposes.