ST. LOUIS (February 2009)—Recovery Compliance Solutions, the leading provider of repossession compliance monitoring solutions, recently entered into an agreement with auto lending giant GMAC Financial Services to maintain their repossession vendors for compliancy requirements throughout the United States. Recovery Compliance Solutions will manage and verify all of GMAC’s repossession vendors’ information ensuring they remain compliant with state and local standards.
“Keeping track of repossession vendors is an extremely large and necessary task for any automotive lender, but especially for a large organization such as GMAC,” said Becky Smith, VP of Sales and Marketing for Recovery Compliance Solutions. “We will employ our proprietary technology CARL (Compliant Agents Reduce Liability) to maintain all the necessary documentation needed to make certain that all of GMAC’s repossession vendors are constantly in compliance with their requirements.”
As stated by the Uniform Commercial Code (UCC) Officials, lenders are held responsible for the actions of their repossession vendors. As a result, liability falls on the lenders to ensure their repossession vendors are maintaining the minimum standards set forth by the industry and their contracts. This is why GMAC has chosen Recovery Compliance Solutions and CARL to man this daunting task.
About Recovery Compliance Solutions
Recovery Compliance Solutions administers and monitors independent repossession vendors for compliance issues on behalf of automotive lenders throughout the United States. The management staff at Recovery Compliance Solutions has more than 20 years of past experience in the automotive lending and repossession industry. In addition to being directly employed by a national automotive lender, they have been certified thru both Recovery Specialist Insurance Group (RSIG) and Certified Asset Recovery Specialist (CARS). For more information about Recovery Compliance Solutions and CARL, the company’s Asset Recovery Vendor Accountability Solution, visit www.recoverycompliance.com or call 314-732-1376.