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Vehicle Lien Holders
Tracking the Vehicle Repossession Process
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More than 2 million vehicles are repossessed in the U.S. each year - and that number continues to rise. Unplanned circumstances and owner apathy lead to delinquent payments and the decision to just walk away. Best case, the vehicle is repossessed by the lien holder; worst case, the car ends up abandoned in a mall parking lot and is subsequently towed.
Notification of the vehicle location often occurs well after the vehicle towing and storage fees eclipse the residual value of the vehicle, forcing the lien holder into the painful decision of abandoning the vehicle and writing off the loss. Further complicating the process, automotive finance companies must identify and deal with numerous recovery specialists, vehicle storage lots, and auction yards in multiple regions.
We Change That
C:LOGIC proactively notifies lien holders when “high risk” vehicles have been abandoned and subsequently towed. As the honest broker, we are able to negotiate agreements with area towing and storage companies, providing a single contact point to the industry and enabling notification and fixed cost recovery in hours, not days. Options for electronic payment and concierge services further expedite getting the vehicle back on the lot for resale as quickly as possible.
C:LOGIC improves the repossession process through:
• Proactive towed vehicle notification
• State and local area visibility
• Negotiated storage rates and fees
• Electronic payment and concierge services
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3/15/2010
