Deal Pack Blog
Can I Charge Interest on Repo or Charged-Off Accounts?
This question has come up a few times by customers. The first thing I always tell them is to first check with their state or Auto Dealer Association to see if it’s ok to charge interest after you have reposed or charged of a loan . After you have repossessed or charged off the accounts all you need to do to get started is the following:
Steps to Add Interest to Repo/Charge off accounts
1. Go to customer section, pull up customer (make sure to check All Status) to bring them up.
2. Enter Employee code and click the Deal Tab
3. On far right you will see a C/O Interest Rate and an Interest start date
4. Enter the Interest Rate you want the payments to use on the repo/charged off account. The Interest start date will default to the day you did the charge off or repo however you can enter what date you want it to start. After you are done just hit save at the bottom. So when a payment is received after the repo charge off those payments will have an interest break down based on the rate entered.
If you need any help or want to do one, just call me Amir at 800-526-5832 ext 223 and I’ll be happy to walk you through