Q- If a vehicle in repossession status is dropped off at my office does a licensed repossession agency have to be utilized?

A- If a vehicle is out for repossession or otherwise will receive a “Repossessed” title then it has to be handled in accordance to the “Illinois Collateral Recovery Act”

Q- What can I do to vet my repossession vendor?

A- In Illinois your vendor should produce at a minimum the following licenses/permits issued by the Illinois Commerce Commission; Class R (Recovery Agency), Class MR (Recovery Manager), Class E (Recovery Agent). Also inquire if your vendor is a member of, and bonded by, a national trade association.

Q- Should I get any documentation about compliance with the “Illinois Collateral Act”.

A- Your vendor should provide you with the lien holder copy of the recovery ticket. A recovery ticket is purchased from the Illinois Commerce Commission and is required to be placed on the collateral within 30 minutes of recovery, and will note the Class E license number of the individual recovery agent.

Q- How can I get updates surrounding my assigned accounts?

A- We tailor a set of procedures for each individual client. During this process you are able to take an active role in establishing how your updates will be delivered. Some clients like only to call when needed; others prefer weekly status updates emailed. We have strong values in customer service and satisfaction.

Q- What if I have collateral that needs to be recovered out of state?

A- As an expert in the industry we are able to work with trained, licensed, insured, and bonded agents across the entire U.S. to recover your collateral in a timely manner. Your assignment will still be processed by our experienced staff to provide the recovering agency with the most current demographic information about your borrower.


July 15, 2014