Loan
Coordinators:
We have a
relationship with an independent repo firm. We use this firm when we have
no other alternative for collecting on a debt. We use to capitalize on
maintaining a lower default rate. The questions that have surfaced
are
1. The repossession has occurred. We want to
sell the car to collect on the outstanding balance. We have don all of
the
required and or
legal notifications to the client. If we opt selling on a dealership or
private lot verses a public auction,
is there a process
we must follow? To assure we get a fair price on a lot do we take sealed
bids or how can we
maintain that we
are attempting fair price? What constitutes commercially reasonable
manner?
BACKGROUND RESEARCH
a. I have read that we must provide opportunity for the debtor to buy
it
b. The sale must be conducted in a commercially reasonable
manner in attempt to get a fair price
2.
If we opt to sell and not auction, can we go after the deficiency balance either
through debtor direct or small claims
court? Or can
this only be attempted if we auction through a public
auction?
We make every effort
to get the most out of a defaulted auto. Our original Repo Man was also
providing auction services on his property and we were having to pay him money
due to the very low price received. Cars were selling for much less then
they were worth. We are seeking a new process. Any assistance or
insight would be appreciated.
Thanks
Robin
Seemann
Ways to Work Loan Program
Trillium Family
Solutions
101 Cleveland Ave.
NW Suite 300
Canton, Ohio
44702
330-454-7066 ext.
318
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