Announcing – AutoStar Fusion Repo-Processing
by Steve Hall | Senior Transition Consultant
AutoStar is proud to announce that it is wrapping up development of phase one of our Repossession Processing addition to the Notes Receivable module. This is a substantial enhancement to AutoStar Fusion. This is the kind of enhancement that comes as a result of your monthly recurring investment in your AutoStar Fusion suite of software products. We are committed to continually expanding, enhancing and perfecting our core suite of products in order to increase value for your investment.
You have spoken and we have listened to your requests. As a result, Repossession Processing will provide you the tools that you need to efficiently manage your repossession activity on a day-to-day basis, as well as to analyze historical activity. The most sought-after features that come with this new addition include the ability to:
• Maintain your own custom categories and types of repossession charges and proceeds.
• Choose to apply repossession proceeds to any balances in the order of your preference.
• Reverse a write-off.
• Post payments to written-off accounts.
• Continue accruing interest on deficiency balances.
• Reschedule deficiency balances to reflect post-charge-off payment arrangements.
• Post principal-only payments to any account for any reason.
In addition to providing the functionality you need to effectively manage your repossession activities, we also had a mandate in the development of this new addition to Fusion to ensure that you could undo anything that you do, and that all repossession-related activity could be accomplished within one area of the software. We also made every effort to automate as much work-flow as we could within the context of this first release of Repossession Processing. For example, when you set an account out for repo, we automatically set the OFR flag, Lock Payments, prompt to select the assigned repo agent (including internal agents), then prompt you to print the repossession assignment letter. When an account is recovered, we automatically remove the OFR flag and add the ROH (Repo on Hand) tag.
Repossession Processing provides convenient access to adding/removing Tags, printing collections and repo letters, setting the credit reporting status and updates, as well as other typical menu options.With this new release, for the first time, AutoStar Fusion will have a complete set of repossession-related standard reports, including:
• Repo Inventory
• Accounts OFR
• Repo Activity
• Repo Disposition
• Repo Charge Summary
• Repo Charge Detail
• Repo Proceeds Detail
Now you will easily be able to get a list of your repossessed vehicles by location, auction, condition, status, and available for sale date, even by year, make or model. Or you can get a list of your accounts out for repossession, by repo agent, assignment date, etc. How about a report of all repo assignments for the week, or OFR removed, repos recovered that are wrecked, repos available for sale this week, total repos recovered last month, and a list of OFR by repo agent? Would you be interested in a report of what you spent last month in repo charges, by category or type, by vendor? While you’re at it, go ahead and run a report of your repo proceeds by vendor, by type, etc.
Here is a brief inventory of what you can expect with this new Fusion enhancement:
• Track Repossessions By:
> Cure (demand) letter dates
> Voluntary vs. Involuntary vs. Skip
> Rights waived (mutual release)
> Repos agent(s) assigned
> Repo reason(s)
> Recovered or unrecovered (i.e. elected not to)
> Recovery date, time, agent, location found, location delivered
> Condition of vehicle
> Personal property found? When? Who? What?
• Customer Notified? Deadline? Claimed? When? Who?
> Date repo available for sale
> Where will repo be sent for sale
> Accelerated loan balance and amount needed to redeem
> Select balances to include in Accelerated balance
> Repo charges by category, type and vendor
> Repo proceeds by category, type and vendor
• User Maintainable Look-up Tables:
> Repo agents
> Repo condition
> Repo location
> Seller agent
> Repo vendors
> Repo reasons
> Repo charge category/type
> Repo proceeds category/type
• Transactions You Can Undo:
> Remove OFR
> Redeem repo
> Reduce repo charges
> Reverse repo proceeds
> Unwind repo proceeds distributions
> Unwind write-off