CU Recovery will contract with a licensed repossession agent to pick up the collateral and coordinate transportation, inspection, and remarketing of collateral. During the process we will make recommendations on reconditioning, repairs, and the sale price.
CU Recovery Fee - $225.00 coordination fee per unit
All direct expenses incurred during the process will be passed through to the credit union.
* In some markets the cost will exceed the estimates provided above. Specialty collateral or circumstances could cause unforeseen cost. In all cases, CU Recovery will use our experience to anticipate and inform you in advance of any additional fees.
Services
Estimated Charges
Repossession Charge
*$350.00 to $450.00 per unit
Skip Tracing
$300.00 per unit
Fuel Surcharge
$25.00 per unit
Transportation to Remarketing Site
Varies by distance to location of facility
Field Hit that includes Condition Report & Pictures
Varies by area of the country
Mileage
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Typically 50 miles free. Credit union will be advised if a charge is anticipated
Storage, Credit Union
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10 Days free, thereafter charged at local rate
Storage, Member
Daily at current local rate
Retrieval from Impound
Varies by area & time in impound
Agent Close Out/Resolution Fee
Up to $200.00 per unit
Dry Run Fee
Based on mileage, $25.00 and up
Services
Estimated Charges
Wash, Vacuum & Cleaning
$35.00 and up
Title Fee
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Based on state DMV pricing. $200 or less,
no credit union approval - Over $200, Secured Accounts Coordinator will contact CU for approval
Keys
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$175 or less, no credit union approval - Over $175, Secured Accounts Coordinator will contact CU for approval
Condition Reports
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Typically Free, specialty units can be up to $150
Inspection Service
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Included unless more details are required, varies by area
Storage, Credit Union
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Typically free if sold at auction. Storage fees may apply if not sold at auction
Storage, Member
Daily at current local rate
Auction Rerun
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Typically free up to 2 runs. $25.00 per run after
Remove from Auction
varies by area
If Bid Cushion
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We have an agreement with our auctions allowing the auction to accept an "IF" bid when the bid is within $100 of the credit union approved floor price. All bids under the $100 cushion will be presented to the credit union for approval.
Reminder of Credit Union Responsibilities
- Make CU Recovery aware of any contact with member after the account has been assigned.
- Send Right to Cure or final demand notice as required by law.
- Send all post-repossession notices as required by law.
- Communicate with member for redemption / reinstatement.
- Communicate with member for retrieval of any personal property.
- Mail title (unsigned) with copy of front and back of security agreement to CU Recovery after repossession has occurred.
- Send Deficiency balance letter as required by law.