Industries We Serve

Deficiency balances are derived from the difference between the amount that is owed on a secured loan and the amount the collateral is sold for.  These balances can be difficult to collect without the proper knowledge of Federal, State, and local laws, repossession procedures, and proper documentation.

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We offer debt collection solutions for several types of deficiencies, including:

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Auto Deficiencies

Auto deficiencies arise after a consumer defaults on an auto loan.  Often times, these vehicles are repossessed and sold at auction.  When the amount that is due under the terms of the loan is greater than the amount the vehicle was sold for at auction, there is a deficiency owed by the consumer. 

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Towing

When a vehicle has to be towed, the registered owner is responsible for towing and storage charges.  If the owner fails to pick up their vehicle after being notified that it has been towed, the vehicle is then sold at auction.  In most cases, the vehicles are sold for very little, or even as scrap metal.  When this happens, the proceeds usually do not cover the towing and storage fees accrued, leaving a deficiency balance owed.

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Self Storage Units

When a renter stops paying for their self storage unit, the rental facility 

has to sell the contents of the storage unit at auction in order to be able to re-rent the unit as well as satisfy the past-due payments.  Often, the amount collected at auction is not enough to cover the amount owed, which results in a deficiency balance.

 

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Often, the collateral repossessed or sold has personal or sentimental value to the consumer.  When these items get sold, the consumer is usually very upset at the loss of their personal belongings, which can lead to them refusing to pay the deficiency balance out of anger.

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At Landmark Collection Services, our goal is to help consumers understand why there is a balance owed, as well as show empathy towards their situation.  This allows us to come to an understanding and find a resolution to their financial obligations.