Page 82 - CARS Standard Program

previous landlords, insurance agent, etc. This information is especially important if the Recovery Agent is working assignments in areas that are long distances from his office. The Recovery Agent can use information contained in the credit application in an effort to locate the debtor on the first trip. Again, the creditor should be made aware of the importance of this document in helping to expedite recovery of the collateral.
With the advent of the Consumer Financial Protection Bureau (CFPB) creditors are sometimes reluctant to provide information that may be invaluable in helping to recover the defaulted collateral. Regardless, the Recovery Agency owner should still attempt to make the creditor aware of the importance of certain information in effecting a successful recovery.
4. Key Codes: There are occasions when the recovery of collateral cannot be accomplished by tow truck alone, such as when the collateral is blocked by residence and cannot be accessed by tow truck. The collateral could also be an all-wheel drive, which requires flat-bedding or driving the collateral to storage. Key codes are also important so keys can be made to access the collateral for the purpose of inventorying personal property. In instances where the collateral has been sold more than once, the creditor usually will not have key codes. These codes, however, are sometimes available through emergency roadside assistance programs offered by the various manufacturers. For an updated list of those telephone numbers, contact your local locksmith.
5. Acknowledgement Letter: Upon receiving the assignment for repossession, the Recovery Agency’s office staff should immediately send the creditor an acknowledgement. The acknowledgement letter will notify the creditor that the assignment has been received and should also contain language specifying the parameters and conditions under which the recovery agency agrees to handle the assignment. This is extremely important on assignments where the creditor’s Hold Harmless Agreement differs as to the terms by which the recovery agency agrees to service the assignment. You will find a generic Acknowledgement Letter in Forms, Section 13.