We study the Bhatnagar-Gross-Krook model kinetic equation with a velocity-dependent collision frequency. We derive the conditions that must be verified in order to keep the main physical properties of the Boltzmann equation, i.e., H-theorem and conservation laws. The particular case of the so-called VHP interaction is considered, and the resulting kinetic equation is solved for a homogeneous and isotropic gas. Overpopulation phenomena are observed and analyzed for some kinds of initial conditions. The results are compared, where possible, with the exact solution of the Boltzmann equation.