Basic Definition

What is a skip?

• Debtor who defaults on loan and then relocates. (Most skips are not intentional)

• Debtor who passes the first payment to get to the next payment

• A debtor who does not default on the loan

• Allows no payments from the debtor for 24 months

What is a skip tracer?

• A term used for following the path of a rock thrown in a lake.

• A person who defaults on a loan and relocates

• Person who locates people who have defaulted on their auto loan debt.

• Person who has defaulted on their student loan.

What is a Preskip?

• A case where the debtor has already paid but not in the system.

• An application used to enter the debtors information into the system.

• A procedure used to make a final attempt to collect the debt

• The skip tracing procedure applied to each case prior to being assigned to an agent.

What is a Lien?

• A non-legal claim towards a property that is in debt.

• A legal claim against property that can be used as collateral.

• When the debtor has paid their debt.

• When someone has one too many drinks

What is a Lien Holder?

• Is the company where the vehicle was purchased at the time of the loan.

• Is the lending institution owns the vehicle until its paid off.

• The institution that owns have of the vehicle until its paid off.

• Someone who provides support when you've had too many drinks.

There are two sides to our repossession business, what are they? (Choose all that apply)

• Direct

• Internal

• Global

• National

A direct operation is defines by?

• Instant payment

• Tax code number

• Zip code matrix

• Phone matrix

What is a Nationwide Operation?

• It spans the country and includes territory both inside and outside of our zip code matrix.

• Spans the country and only supports the outside of our zip code matrix.

• Covers territory only in California/Texas/ Missouri

• It spans the country and only supports the inside of our zip code matrix

A client can choose this option when they do not wish to manage an agent network themselves

• Direct Operation

• Local Operation

• Nationwide Operation

• Global Operation

Clients can choose this option when they want to manage their own nationwide network of agents.

• Local

• Direct

• Nationwide

• Global