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.