The repossession industry does not enjoy the best reputation in popular culture. A lot of this is unfair—the industry is oftentimes the public face in a truly uncomfortable and unfortunate situation in which a consumer cannot continue their car payments and must forfeit the title. That means there is a lot of hostility towards reposessors, who, even if always acted above-board would still fail to win any popularity contests.
Some of that reputation has been earned though, as unscrupulous operators engage in shady practices that tarnish the industry’s reputation and reflects poorly on the lending institution contracting the repossession.
How can institutions confidently assure their repossession partners are reliable? Repossession Lot Inspections are a big part of the answer.
How Banks Can Find Reliable Repossession Partners
Repossession networks like Recovery Industry Services Company (RISC) and American Recovery Association (ARA) offer lending institutions a list of vetted providers throughout the country. These networks contract with Repossession Lot Inspection providers to ensure their members comply with federal regulations and industry best practices.
It is, of course, in a repossession lot’s best interest to be included in these networks as it can drive new business to them. They therefore willingly apply for membership, and in order to do so, they oftentimes must pass a Repossession Lot Inspection.
What Do Repossession Lot Inspections Check For?
Repossession Lot Inspections can provide boots-on-the-ground information regarding a lot’s security features, internal office set up, storage parameters, and equipment.
For example, a Repossession Lot Inspection can document security features used to protect impounded cars such as adequate fencing and locking mechanisms. The Inspections can also help verify systems are in place to safely maintain the personal affects inside a repossessed lot.
These Inspections help lending institutions a determine the reliability of repossession partners across the nation through the vetting process done by recovery networks.
TrendSource Repossession Lot Inspections
TrendSource OnSite Inspections is a trusted provider of Repossession Lot Inspections, relying on its vast network of Inspectors located across the country. Companies contract with TrendSource for reliable, thorough, and professional Repossession Lot Inspections.
In a federally regulated industry where a few bad apples can sully the reputation of the lot, lending institutions and recovery networks must do their best to ensure the lots they partner with operate in compliance with federal regulations and industry best practices. Repossession Lot Inspections help them achieve this.