Arizona Credit Union Collector’s Council
The Credit Union Difference: Member Owned, not-for-profit, democratically controlled, financial cooperatives, run by a volunteer board of directors with a social mission to provide service to people of modest means.
May 2006 Newsletter
May 1, 2006
Volume 1, Number 2
Highlights from our last meeting
Your Board of Directors:
Best Practices Notes: Prevent a repossession with a effective last chance effort by using NCCI to perform a field call (door knock) for only $55 with a free rechase within 30-days. Call Michele or Tony at (800) 300-0743 x7550, restrictions may apply. Be sensitive to power booking and ensure that you are checking your original book sheet against the actual options on the car. Leave no money on the table when it comes to indirect deals. CU Remarketing offers the option of selling the vehicle to the public. Call Anthony Foster at 602-486-3922 for more details. Arizona Auto Auction offers the option to sell cars every week. Credit Unions are banded together to run all at the same time at the beginning of the auction. Call Fabian Ortiz at 480-894-2400 for more details. With regard to deficiency balances, remember that you can turn that balance into cash by selling the debt to Dunstone Financial. Contact Brad Elliot at 602-275-1616 for more details. Consider placing your deficiency balances with an agency such as CU Recovery. Contact George Sanchez at 1-800-617-4759 for more details. Major League Lending can offer your members affordable, low-cost mortgage loans that your loan department may not want to approve. Major League Lending can help your members consolidate their loans and take a ‘difficult’ loan off your books.
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Cary Shumway President T.J. Montoya Vice-President Kathy Pluhowsky Treasurer Kem Rahn Secretary James Lawrence Membership Director Connie Göeller Associate Director
Monthly Meeting Schedule
June 29, 2006 August 24, 2006 October 26, 2006 December 7, 2006 5:30 5:30 5:30 5:30 TBA TBA TBA TBA
Indirect Lending/Collections Bankruptcy 06 Charged off- Now what? TBA
New Credit Union Members
First Credit Union Sunwest Federal Credit Union
New Vendor Associates
Major League Lending Inc. – Ryan Eberts – 480-538-5105 Featuring home loans for even the most challenged borrowers at excellent rates and low fees. Manheim Tucson Auto Auction John Barnes 520-574-2222 Featuring trustworthy and efficient auction services for the Tucson area.
Upcoming Seminars/Conferences
Collector’s/Fraud Luncheon May 9th (Phx) May 11th (Tuc) Bankruptcy/Collection Conference Eric North May 23rd (Phx) May 24th (Tuc) QuickBite /Deciphering Credit Reports June 6th – Audio Conference Click here to visit the ACUS Events Calendar for more information.
Compliance Corner
Limit Your Loss: Refinance the Deficiency Balance.
By: James Lawrence, Deer Valley Credit Union
As a collector, we are often faced with a difficult decision on whether to repossess a member’s car or hold off in the hope that the situation will change for the better. We might consider the loan balance/LTV, the type of collateral, the member’s situation, their ability to pay and the overall condition and resale-ability of the collateral, if it is known. Sometimes, if the delinquency is only bump in the road so to speak, it may be beneficial to work with the member either by refinancing or granting an extension to get them back on track. Other times, though, the decision to pull the car is the only option available. In these cases, the reason why the member is delinquent may not be a lack of wanting to pay but a lack of being able to pay: the payment is simply too high (and refinance will not help), job loss, decrease in income, or perhaps the collateral insurance required on the loan has increased beyond what they can afford. Therefore, it may be a good idea to sell the collateral and cut your losses. However, it doesn’t have to end there. Why not work with the member in order to refinance the deficiency balance into affordable payments? You are already going to take a loss and by taking a chance on the member being able to afford a lower payment, you literally have nothing to lose. This can be a win-win situation in that the Credit Union does not take a loss and the member has a chance to salvage their credit rating. Of course, when offering this type of program, it is important to explain to the member why they should do so i.e., ‘staying good with us’, avoiding their credit rating from bottoming out, being able to keep their accounts and more importantly, what will happen if they do not, i.e. collections, judgment, garnishment. In some circumstances, you may further serve the member by offering assistance in rebuilding their credit rating once the deficiency balance has been paid in full and assure them that by ‘staying good with you’, they have increased their ability to borrow from you in the future. Of course, the banks would never offer this type of program to their customers but this only serves to reinforce the credit union mission of helping our members, even the ones we have to collect on.
Upcoming events st
1 Annual Golf Tournament and Showcase
Hosted by: Arizona Credit Union Collector’s Council Don’t miss this one! The ACUCC will be hosting a breakfast, luncheon, 18 holes of golf and a vendor showcase. When: Wednesday, September 13, 2006 Where: McCormick Ranch Golf Club – click here for map (or visit
mccormickranchgolf.com). Cost: $100 per Credit Union Member / $125 per Vendor Associate
Vendors: We will have two packages for your convenience. Package One consists of a banner on the golf range or sign-in area and a flag at a specific hole as well as golf for two people. Additional golfers will cost $100. (Both banner and flag are included) Cost is $600. Package Two consists of a banner on the golf range or sign-in area and a flag for the practice putting green. Each golfer will cost $125. (Both banner and flag are included) Cost is $250 There are also logo applicable give-aways (hats, pins, visors, golf balls etc...) available at wholesale prices. More information to follow.
Benefit: 2007 Education Drive
Vendor Associate Links/Contacts
Allstate Recovery Bureau 602-438-4700 Chris Jones Arizona Credit Union System www.azcreditunions.coop 602-264-6701 Connie Göeller Arizona Auto Auction www.manheim.com 480-894-2400 Fabian Ortiz CU Recovery www.curecovery.com 1-800-377-1798 Neil Gatzow CU Remarketing www.curemarketing.net 602-442-0266 Anthony Foster Dunstone Financial www.dunstone.com 602-275-1616 Brad Elliott Experian www.experian.com 602-626-1032 Rene Fritton FIA, Financial Alex Mills Gust-Rosenfeld Attorneys at Law 602-257-7430 Madeleine Wanslee Howard Chorost howard.chorost@credit-union-lawyer.com 520-792-0011 602-246-9446 Law Office of Mark Kirkorsky www.collectionstatus.com 480-551-2173 Brandon Hrabe Major League Lending Inc. – Ryan Eberts – 480-538-5105 Manheim Tucson Auto Auction John Barnes 520-574-2222 Money Management International www.moneymanagement.org 602-674-4864 Jerry Radoff National Creditors Connection- Michele Connell- (800) 300-0743 x7550 State National Companies escritchfield@statenational.com 480-231-2391 Eric Scritchfield Take Charge America www.takechargeamerica.org 623-266-6301 Kevin Hall Title Solutions Inc. www.directlienandtitle.com 480-844-3667 Robert Dubuc Western International Recovery Bureau www.wirbinc.com 602-674-5335 Mike Shell
Credit Union Collection Council Member List
Arizona Central Credit Union Arizona Federal Credit Union Arizona State Savings Credit Union Banner Federal Credit Union Credit Union West Deer Valley Credit Union Desert Schools Federal Credit Union First Credit Union First Edition Community Credit Union Maricopa Santa Fe Federal Credit Union Pinal County Federal Credit Union SRP Credit Union Southwest Healthcare Credit Union Sun Country Credit Union Sunwest Federal Credit Union
We are always looking for ways to improve the value of the council to you, our members. Please feel free to e-mail us with any suggestions, comments or ideas. We are here to serve you!