In the world of subprime lending, especially within the Buy
Here, Pay Here (BHPH) industry, collections can be a delicate process. The
very nature of this business often involves working with customers who have
faced financial hardships. But in every interaction, whether it's a payment
reminder or a conversation about a past due payment, there's one principle that
guides everything we do: respect.
Why Respect Matters in Subprime Collections
For many, financial difficulty is deeply personal. The
customers who turn to BHPH dealers often have limited options, and for them, a
vehicle isn’t just a luxury—it’s a lifeline. It’s how they get to work, take
their children to school, and stay connected with their community. When a
customer falls behind on payments, it’s rarely because they don’t care; often,
it's because life has thrown them a curveball.
This is why we believe in approaching every conversation
with empathy. We don’t see our customers as just another account number or
unpaid invoice. We understand that behind every late payment is a person, a
family, and a story. Treating them with dignity and respect is not just the
right thing to do—it’s essential to fostering trust and building long-term
relationships.
Problem Solving, Not Problem Escalation
In the subprime market, traditional methods of collections
often rely on pressure tactics or threats, which can only add stress to a
customer's already challenging situation. We take a different approach. When a
customer can't make a payment, our goal isn't to escalate the problem but to
find a solution together.
Instead of pushing for immediate payment without
understanding the context, we take the time to listen. What happened? Why was
this payment missed? Is there something we can do to help? By working together
to come up with a plan, we can often prevent the situation from spiraling into
something unmanageable. Whether it's offering flexible payment options or
simply providing more time, our focus is on being an advocate for the customer,
not an adversary.
The Long-Term Value of Respect
In collections, the temptation to focus on short-term
results is strong. But while pressuring a customer into paying today might
yield a quick win, it's not sustainable. When we treat our customers with
respect, we show them that we genuinely care about their well-being and
success. This helps to build trust, and that trust translates into loyalty.
Customers who feel respected are more likely to communicate
openly about their financial situation, seek assistance before things get
worse, and ultimately, stay in good standing over the long term. By focusing on
respect, we not only help our customers succeed—we ensure the long-term
stability of our business as well.
Changing the Narrative
The BHPH and subprime lending industries have long carried a
stigma. Too often, people think of these industries as predatory or
unforgiving. We're here to change that narrative. By centering our collection
philosophy around respect, we’re proving that it's possible to run a successful
business while also treating customers with kindness and compassion.
In conclusion, respect is more than just a value we talk
about—it’s a principle we live by. It shapes every conversation we have with
our customers, and it’s the foundation of our collection philosophy. In the
end, collections are not just about recovering payments; they’re about
supporting people during challenging times and helping them move forward with
dignity.
