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LenderHub

SWBC's LenderHub blog is a one-stop resource for lenders.

 

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Proper Conduct for Repossession Agents

When you're in the business of auto lending, collateral recovery can be an expensive and risky endeavor. While no lender wants to repossess their borrowers' vehicles, sometimes it's necessary in order to recoup as much of your asset as possible. That being said, when you work with third-party recovery partners, it's critical that you ensure they have a documented code of conduct for their agents. Because these individuals are dealing directly with your borrowers and are a reflection of your financial institution, proper conduct practices are important to preserve your brand and reputation. Every organization should have a policy that is unique to their culture and company rules, but here are 7 examples of some of the prohibited behaviors that you should look for in your collateral recovery partners' code of conduct.

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