Auction Take-Back Insurance Requirements

Closing the Gaps Between Auction Possession and Insurance Liability

When a Collateral Recovery Agent is requested to take back a repossessed vehicle from the auction, the below must occur for insurance coverage to apply.

1. The lender must reopen the closed order of repossession.
2. There must be a new condition report completed and compared to the condition report that was done at the time the auction took receipt of the repossessed vehicle.

Note: The insured’s carrier is not responsible for damages that occur while the auction has possession of the vehicle.

If there is not a written request to reopen the case as well as two condition reports, any potential damages to the repossessed unit may be denied.

We are not able to accept a hold harmless agreement in place of the above requirements. Hold Harmless agreements are not always recognized by the courts and cannot prevent someone from pursuing a lawsuit or filing a claim.

If you have any questions, please feel free to contact me. 

Thank you,

Mike Peplinski
Vice President
315-214-5822 Phone
315-254-8211 Cell
www.hardingbrooks.com

Auction Take-Back Insurance Requirements – Auction Take-Back Insurance Requirements – Auction Take-Back Insurance Requirements

Auction Take-Back Insurance Requirements – State Repossession Associations – Repossess – Repossession – Repossession Agency – Repossessor – Repossession – Auction – Auction – Auto Loan