Debt Collection 101 Episode 55 – Auto Loan Debt, An Untapped Collections Market

caption Alex: Hey everybody, welcome back to another episode of Debt Collection 101 here on Arbeit U Spencer: yes and we'' re discussing automobiles today, right Alex? You rent or you lease you own your automobile? Alex: Lease. Spencer: Okay, well you didn'' t really create this. I own my automobile I funded it. I meet this classification of individuals. Alex: So you'' re a debtor? Spencer: I am an infamous debtor. I do not prepare on paying that expense either. Yes I finance the automobile I drive now and obviously I'' m not in the minority on that one? Alex: No, so it'' s interesting.We did a well so we did a subject on car loans a while ago and it in fact got a lot of views so that'' s why I desired to do this subject. Spencer: Did it truly get a great deal of views? Alex: Yeah, It'' s among our leading post. Spencer: Which I guess actually also supports this group right so there'' s a Alex: But you wear'' t find out about a lot of debt collector doing automobile loans. It'' s not the leading you know thing but certainly they'' re reading our blog sites. Spencer: Welcome financial obligation collection. I'' ll take my cut now. Alex: U.S. customers own 1.15 trillion. Spencer: That'' s ridiculous Alex: In cars and truck loans. Spencer: That'' s ridiculous. 1.5 trillion dollars in vehicle loan that'' s absolutely unbelievable and more notably than that is the percentage of individuals who have a perfectly low credit rating that hold. Do you know that off the top of your head? Alex: The percentage? No. Spencer: Yeah so a great portion of these are individuals who have lower credit rating which if anybody submitted housing in 2008 would lead you to think that these loans are gon na get defaulted on so it'' s gon na produce an abundance in the market of automobile loans that will be offered to gather on.Alex: So if you'' re looking for new stuff to gather on. Spencer: Stuff? Alex: Stuff check out some auto loans. Spencer: Yeah this might be this is a growing market. Alex: Maybe if you'' re attempting to replace student loans, inspect out automobile loans. Spencer: Which yeah is getting a hit today. Alex: and surprise I suggest I it due to the fact that it doesn'' t seem like that popular of a you understand I put on'' t think that numerous collection companies in fact do car so Spencer: Yeah, I wear'' t actually run a lot of people who focus primarily on car? and I wear'' t know possibly that ' s like it ' s hard to collect on. I imply there aren'' t I imply you understand I would believe this is a guess that you can repossess a cars and truck, right? Alex: yeah. Spencer: So realistically it'' s likewise like a form of security or a property that you can pursue in the not likely occasion that they do default so me it looks like an excellent market to get into.Alex: Yeah for sure but we'' ll share the stats listed below for the automobile loan market. Check it out. Spencer: Let us understand what you think. Let us understand if you'' re collecting exclusively on automobile loans or how that works. Alex: Or why you'' re not. Spencer: Better insight much better insight. Spencer: See you next week. Alex: see ya. As discovered on YouTube – Creative Commons License

Video Transcript:

Spencer: Okay, well you didn'' t actually come up with this. Yes I finance the vehicle I drive now and obviously I'' m not in the minority on that one? Alex: No, so it'' s interesting.We did a well so we did a topic on car loans a while back and it actually got a lot of views so that'' s why I wanted to do this topic. Spencer: That'' s crazy Alex: In vehicle loans. Let us know if you'' re collecting specifically on car loans or how that works.

License: Creative Commons