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A Growing Concern: Returning Repossessed Vehicles From Auction To Repo Lot

LP – Resolvion Logo Reveal Compliance Corner A Growing Concern: Returning Repossessed Vehicles From Auction To Repo Lot

This topic contains 1 reply, has 2 voices, and was last updated by Thee Chang Thee Chang 3 weeks, 6 days ago.

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  • #2876
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    mlevison
    Moderator
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    @mlevison

    Some lenders have taken the position that repossessed vehicles cannot be redeemed at the auction after transport.  So, in a situation where a repossessed vehicle has been sent to auction and the customer then decides to redeem, the lender is requiring that the unit be moved back to the repossession agency’s lot.

    This is raising a number of issues/concerns, especially with regard to liability relating to personal property and damage.  The attached article was recently published and sheds some light on the issue.

    Please feel free to post comments.

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    #2885
    Thee Chang
    Thee Chang
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    • ALS Resolvion
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    @thee-chang

    Great read! Thanks for sharing.

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