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VOLUNTARY/INVOLUNTARY REPOSSESSION COMPLETED
(by Lender's assignment to recovery yard or by SAL contracted recovery yard or transporter)
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LIENHOLDER NOTICE SENT TO DEBTOR/MEMBER
(by Lender after notification of completed recovery by SAL or recovery yard)
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LIQUIDATION ASSIGNMENT TO SAL'S ONLINE DATABASE OR VIA EMAIL
(by Lender/Client before or after recovery of asset. Repo date is acknowledged and database establishes earliest date unit can be sold to protect lenders)
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VEHICLE/ASSET CR & PICS OBTAINED FROM RECOVERY YARD
(reviewed by SAL to determine appropriate liquidation strategy)
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BEST AUCTION VENUE SELECTED BY SAL
(SAL selects the best auction/sell venue to maximize liquidation results)
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SAL SENDS LENDER/CLIENT RELEASE
(Lender/Client asset release sent to recovery yard by SAL and transport assigned for auction pick up or recovery yard delivery)
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LENDER SENDS TITLE/REPO AFFIDAVIT TO SAL
(after title receipt, SAL sends assigned title/repo affidavit to auction)
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AUCTION PROVIDES CR TO SAL FOR REVIEW
(SAL reviews auction CR and provides key production and reconditioning directives, if required. Auction updates CR with mileage after key production completed)
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AUCTION FLOOR PRICE ESTABLISHED
(SAL utilizes proprietary database valuation system to determine appropriate floor price. Lender provided auction CR, if requested, and floor price for approval)
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VEHICLE SCHEDULED AUCTION RUN COMPLETED
(vehicle is sold if floor price reached. If not high bid is countered or accepted after lender consult. If unsold, unit is listed within auction's online sale site until next run)
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VEHICLE SOLD AND FUNDED TO SAL BY AUCTION
(SAL funds lender via ACH or check and submits Asset Liquidation Report and auction net sell sheet to lender for storing appropriate documents to comply with FTC requirements)
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NOTIFICATION TO LENDER MEMBER/DEBTOR
(Lender notifies member/debtor of final liquidation results)
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ASSET LIQUIDATION COMPLETED
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