ST. LOUIS — Recovery Compliance Solutions, a provider of repossession compliance monitoring solutions, partnered with GMAC Financial Services to manage and verify its 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, vice president 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 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. This is why GMAC has chosen Recovery Compliance Solutions to handle this daunting task.