Almost everyone has seen it happen at least once. Perhaps it occurs at 3 a.m. – you peek out your front window and watch as the neighbor’s shiny Sport Utility Vehicle is hooked up to a tow truck and hauled away into the darkness of the night. Asset recovery (repossession) is a complicated, yet necessary, process.
Motor vehicle repossessions as a result of delinquent or missed payments occur every day, but the recovery process, from locating the collateral to adhering to regulations to repossess it, is complex.
Whether the car is never found and a skip claim is filed, or the car is found with damage, or the car is recovered in good shape, the lending institution rightly wants to recoup as much of its financial investment as possible.
But, there’s a problem. Navigating the collections landscape is time-intensive. There is paperwork, protocol, follow-through and remarketing required. If you’re a lender handling multiple repossessions daily, checking in with the repossession company can easily create unnecessary busy work.
Lenders Risk has developed the turnkey solution you need. We recently partnered with industry leaders in asset recovery and remarketing to form a fully outsourced repossession and remarketing program that is available in all 50 states.
The whole process is managed via Lenders Risk’s easy to use online platform that gives clients 24/7 access to our: Repo and Remarketing Program, Blanket LSI Program, and GAP Program. Ultimately allowing our Lending clients to manage all their collateral insurance and asset recovery programs in one place!
Repossession and Skip Tracing Benefits:
Access to several hundred databases with borrower information
Coordination with bonded, licensed and insured agents
A dedicated compliance manager to navigate through the latest regulations and policy changes
Top-tier auctions and online selling platforms
A selling platform that delivers customizable data to you
Extensive market knowledge, industry contacts and a highly experienced team
Why are we doing this? Because Lenders Risk wants to expand our footprint to offer our clients a full range of services that can help them operate as efficiently and productively as possible.
Want to learn more about our Repo and Remarketing Program? Call us at 888-600-4436.