ST. LOUIS – Recovery Compliance Solutions, a provider of repossession compliance monitoring solutions, entered into an agreement with auto lending company 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 Tom McGuire, 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.