Repossession
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Repossession

Business Processes

Repossession

Credit Bureau Reporting symbol Credit Bureau Extract Metro 2 Format users.

When the creditor repossesses the vehicle on a lease or loan.

LeasePak Updates/Processes

  • U0102 Payments
  • U0103 Payoff
  • U0105 Assessment
  • U0115 Suspended Earnings
  • U0239 Credit Bureau Lease/API
  • U0709 Activity Status/Substatus
  • U0462 Credit Bureau Extract

Relevant LeasePak Interface Fields

  • U0115 Suspended Earnings
    • "Activity Status"
    • "Effective Date"
  • U0239 Credit Bureau Lease/API
    • "Special Comment Code"
  • U0709 Activity Status/Substatus
    • "Activity Status"
    • "Activity Substatus"
    • "Processing task"
Metro 2 Impacted Fields Relevant Code Values
Account Status – LP will report 96 per U0709 Activity Status/Substatus rules, or U0462 Credit Bureau Extract will use 63 for 'NCRP' leases if no open AR 96 – Repossession; may be balance due
63 – Account paid in full, was repossession
Date of First Delinquency – LP will check for existing DOFD and use if it exists. If DOFD blank, LP will check for days delinquent > 29. If so, LP will calculate the DOFD as Today - rls.days_delq_l + 30. Else LP will use date of last activity status change (rls.d_act_s). If DOFD is frozen, the frozen value will override the calculation and LP will use the frozen DOFD as long as it is not blank N/A
Payment History Profile – LP will report K K – Repossession
Special Comment Code – User sets to AU, AZ, BI, BJ, or BK AU – Account paid in full for less than the full balance
AZ – Redeemed or reinstated repossession
BI – Involuntary repossession; use when Account Status is 96 or 63
BJ – Involuntary repossession, obligation satisfied; use when Account Status is 63 (no open AR)
BK – Involuntary repossession, balance owing; use when Account Status is 96 (open AR)

Process Overview

When the User:

  • Creates rules in U0709 Activity Status/Substatus for Activity Statuses 'HREP', 'NREP', and 'NCRP' to reflect reporting requirements for repossession
  • Uses U0115 Suspended Earnings to move a lease to status 'HREP' or 'NREP' and enters an Effective Date

LP will set Account Status to 96. U0115 will also compare any existing frozen DOFD to the status change Effective Date, use the earlier of the two, and freeze.

If the user subsequently changes the Activity Status through U0115 to anything other than 'HREP', 'NREP', or 'NCRP', LP will check the U0709 Activity Status/Substatus settings (and any other conditions that might require DOFD to remain frozen) before clearing DOFD.

Before reporting Account Status 96 for a lease with Activity Status 'NCRP', U0462 Credit Bureau Extract will check to see if there is open AR for the lease. If not, U0462 will instead report Account Status 63.

For settled accounts, the User is responsible for paying or waiving any open AR and setting SCC to AU through U0239 Credit Bureau Lease/API.

LeasePak User Process

To set up reporting for repossession:

  • Use U0709 Activity Status/Substatus to create a combination of "Activity Status" 'HREP' and empty "Activity Substatus". For this combination, set:
    • "Account Status" = 96
  • And the following "Processing task":
    • Freeze CB Date of First Delinquency
  • Repeat these steps for "Activity Status" 'NREP' and "Activity Status" 'NCRP'

To indicate that a lease is a repossession:

  • Obtain a return/grounding date for the vehicle or repossessed equipment
  • Use U0115 Suspended Earnings to set "Activity Status" to 'HREP' or 'NREP' and enter an Effective Date (return/grounding or other applicable date)

To redeem or reinstate a lease in repossession:

  • Use U0115 Suspended Earnings to set "Activity Status" to an 'A***' active status
  • Use interactive U0239 Credit Bureau Lease or third-party interface via API to set SCC to AZ

To settle a repossession lease:

  • Use U0103 Payoff to terminate lease (this will change Activity Status to 'NCRP')
  • Use U0102 Payments to pay or U0105 Assessment to waive any open AR
  • Use interactive U0239 Credit Bureau Lease or third-party interface via API to set SCC to AU

(Optional) to report repossession-specific Special Comment Codes:

  • Use interactive U0239 Credit Bureau Lease or third-party interface via API to set SCC to BI, BJ, or BK