Just ten years ago, 15% percent was collected on almost all bonds in North Carolina. Financing was almost unheard of, at least in the areas I work, which includes half the state. Some would charge 10% down and finance the balance on very large bonds however.
Now, getting 15% bond premium on almost any bond is unheard of. Most will take a percentage of the bond premium, say 3 to 6 percent and finance the rest. If they don't pay, back to jail they go. (sometimes)
While there is nothing illegal about this, it seems to me, that one day soon these folks will finance their way out of business.
In my opinion, these folks are aiding in our demise, yet they continue and some even brag about the amount of bonds they've written. Hell, a robot can write that kind of business.
I'll continue collecting 15% and 10 percent on large bonds and when I'm run out of business by the very ones that proclaim to care about this business I can look back and say, I did my best, I didn't play that game and had no hand in trying to undercut my fellow bondsman.
I hope that the laws will change in NC at some point requiring a minimum of 10% down on all bonds.
On the flipside of that coin, I also provide recovery services for those bondsman that can and will undercut us, all the while knowing that if a defendant runs they aren't capable of re-arresting them. In fact, most wait in hopes of law enforcement arresting them AGAIN!!
Yeah, keep getting your 5 percent down until you, or the company you work for writes that one large bond that FTA's and you, or in most cases your boss has to pay up and there isn't enough money to pay up. I'll be here and just maybe pick your guy up. Then again, maybe I'll just watch you go out of business.
I am aware that some states have it much worse than we in NC, but it is getting out of control here also.
Bill
On a side note: The first company (that I know of) in NC to start this was "Big Daddy's Bail Bonds". Now there are other company's called this but this guy is out of business. He advertised 0 down and he meant it. Ole Big Daddy. had a drug and drinkin problem that landed him in big time trouble. Another company posted his bail for a small percentage and Big Daddy FTA. I re-arrested him in a state I can't recall. I wouldn't have mentioned the re-arrest but I absolutely loved watching KARMA in action. BTW, he was living in a shed behind his sisters house.
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I love it when folks write themselves outta business.
