Auto recovery management and remarketing can be a daunting task and can drain valuable internal resources for a credit union. In order to support credit union growth and success in auto lending and recovery, LEVERAGE has collaborated with PAR North America, a leading nationwide provider of vehicle transition services. PAR excels in recovery management, skip tracing, compliance, remarketing and title services freeing credit unions to do what you do best – serving your membership.
To learn more about how these products may benefit your credit union, please feel free to contact us at firstname.lastname@example.org
Q: What differentiates PAR from other asset recovery solutions?
A: PAR has a distinct advantage over its competition due to our corporate family connections under the KAR Global umbrella. PAR offers end-to-end solutions to meet your objectives: recover assets, manage cycle times, maximize returns, and reduce risk.
Q: How can PAR help my credit union with compliance requirements in asset recovery?
A: Through the Platinum Compliance® portal, credit union staff have direct access to due diligence and supporting compliance documentation for all recovery vendors, a comprehensive database of state-level requirements impacting recovery vendors, and all PAR and vendor due diligence including insurance certificates, relevant licensing, operational and enterprise policies, and even PAR employee-level compliance data.
Q: How can using PAR streamline my internal process?
A: The Platinum Compliance® self-service portal consolidates all due diligence and compliance documentation into one system—streamlining onerous internal processes for collecting and storing this information. The new system provides the added functionality of comparing compliance documents, reducing administrative work and making customer audits faster and more efficient.
The self-service portal provides credit unions with the flexibility needed to access due diligence and compliance documentation anytime and anywhere—without the assistance of a PAR representative.
Q: What benefits can PAR offer my credit union in asset recovery?
A: PAR equips credit unions with state-of-the-art technology that allows for fast, efficient placement of assignments and utilizes a secure, proprietary VIPR/eVIPR system that is fully integrated with the industry’s largest third-party technology platforms including iRepo/RC and RDN. This ensures that credit unions receive fast, real-time updates, hold/close notifications, repossession reports, condition reports and other associated documents. Accounts are also assigned out with an LPR provider simultaneous with conventional recovery efforts, providing for maximum recovery opportunity.