Strategic Link Partners with PAR North America, Expert in Vehicle Repossession
Asset recovery can be a complicated process for credit unions. It requires hours of management and consistent follow-up, and it adds strain to auto loan portfolios. Due to the challenges of the past 18 months, many borrowers are struggling to keep up with loan payments, and loss mitigation has become a major topic of concern for lenders.
To help Northwest credit unions navigate the potential impact of account defaults, Strategic Link has partnered with PAR North America, the leading nationwide provider of vehicle transition services, including recovery management, skip tracing, compliance, remarketing, and title services.
“PAR’s services can significantly reduce the pain points of vehicle repossession by streamlining the process,” said Cameron Smith, Vice President of Strategic Partnerships and Resources at NWCUA. “Their strategic relationships with KAR Global and affiliations with numerous technology sources and service providers make them a valuable partner for Northwest credit unions.”
With decades of experience servicing the needs of credit unions around the country, PAR has established a compliant network of more than 600 repossession agents. The company offers five essential solutions for recovering assets, managing cycle times, maximizing returns, and reducing risk. The solutions include:
- Recovery management across all 50 states
- Remarketing through a nationwide auction network and digital channels
- Skip tracing, using the latest technology for investigative data and resources
- Title services for states requiring repossession titles with title warehousing and ELT
- A compliance management system that provides lenders with 24/7 access
PAR’s client-and vendor-facing portal provides a higher level of compliance with the most stringent requirements and extensive due diligence in the industry that includes insurance certificates, relevant licensing, operational and enterprise policies, employee-level compliance, and a comprehensive database of state-specific requirements.
These proven recovery methodologies offer a streamlined approach of taking a repossession assignment through a complete lifecycle.
“Collaborating with NWCUA marks a milestone in PAR’s quest to serve the broader credit union community in the Northwest United States,” said PAR’s President Lisa Scott.
To learn more about PAR, please contact the Strategic Link team.