This article applies to agencies
Once the redemption of the collateral has been authorized, you will have the option to:
Complete Redemption
Cancel Redemption
Complete a Redemption Authorized by the Lender/Forwarder
After the lender/forwarder acknowledges the repossession and authorizes the redemption, you will be able to complete the redemption.
Note: When a redemption is ready to complete, the disposition will change to Authorized to Release.
Step 1: Click on Options and then click on Complete Redemption
Step 2: Fill out the Complete Redemption form, enter the borrower's email in the Notification Email field to send an email allowing them to schedule a time to come pick up their collateral
Step 3: Click Save when complete
Example of a Notification Email
Step 4: Print the Release Authorization for the borrower to sign when they retrieve the collateral
Step 5: Once the borrower has signed the form, scan it in and Download the File to send back to the lender/forwarder
Cancel a Redemption Authorized by the Lender/Forwarder
Selecting Cancel Redemption will cancel the authorization
After confirming that you want to cancel, the disposition will be removed.
Click HERE to view the article for On Lot for RCM