Page 82 - Microsoft Word - NEW 2017 Standard Program.docx

1. Involuntary Recovery
2. Voluntary Recovery
3. Lease Returns
4. Impounds
5. Field Call Delinquency Interview Assignments
6. Field Call Residence or POE Verification

In assigning requests for repossessions, the creditor can never send too much information
on the debtor. In the real world, with the majority of assignments there is too little
information provided by the creditor. The Recovery Agency manager should discuss this
very important step in the repossession process with the creditor’s collection department
supervisor and convince him/her of the importance of certain information. It is important
that the collection department supervisor understand that the more information the
recovery agency is provided, the better the prospects for a speedy recovery of the collateral.

If the assignment location is a considerable distance from the Recovery Agency
address, office staff should request the creditor to allow the Recovery Agent to make
contact with the debtor on the initial run if the Recovery Agent is not able to recover
the collateral otherwise. The following documents should be made available by the
creditor on each repossession assignment.

1. Hold Harmless Agreement: This instrument provides basic language authorizing
repossession of the described collateral and also under what conditions the creditor is
obligated to defend the actions of the Recovery Agency and the Recovery Agent in
the event of litigation. Some creditors will issue one “blanket” agreement for all
assignments the Recovery Agency will work for that creditor. Most creditors, however,
will issue the agreement on each assignment. If a “blanket” agreement is issued, it
is very important that the agreement be placed in that creditor’s permanent file for
future reference. A generic Hold Harmless Agreement can be found in Forms (Section
13).

2. Copy of Contract: Generally, the Security Agreement, rather than the certificate of
title is accepted by courts as proof of ownership of a motor vehicle. During your
career as a Recovery Agent, you will most likely confront a situation where the
creditor has erroneously sent the certificate of title to a debtor before the contract has
been paid in full. When the Recovery Agent attempts to take possession of the
collateral, the debtor gleefully displays the title and claims ownership. The Recovery
Agent, having a copy of the Security Agreement in his possession, will be more likely
to persuade the debtor to allow the repossession.

3. Credit Application: If you have ever received an assignment for repossession where
the creditor has given the debtor’s residence as a post office box, you can appreciate
the information contained in the credit application. And, in many instances, the debtor’s
physical address and place of employment are no longer correct. The credit application
can be a wealth of information to assist the office staff and the Recovery Agent in
obtaining new information to locate the debtor, such as friends, relatives,