RDN Terminology: Order To Definitions

The list below will define each “Order To” option in RDN:

Repossessed - Involuntary repossession

Cond. Report – Order to complete a Condition Report

Investigate - Order to investigate (Debtor is probably a skip)

Tow – Order to tow collateral

Transport – Order to Transport collateral

Vol. Repo - Voluntary repossession, recover collateral with cooperation of borrower

Field Visit – Order to Field Visit (Door knock)

Store – Order to Store the collateral

Pictures – Client is requesting pictures of Collateral

Conv to Repo – Convert to Repo from previous order type (Ex: Pictures taken, decision made to repossess, or field visit results in turning in collateral)

Auction – Order to Auction (send collateral to Auction)

Consign – Authorize vendor to sell collateral

Impound Repo - Seizure of vehicle by law enforcement and then repossessed in cooperation with law enforcement and without borrower’s consent

Impound Voluntary – Seizure of vehicle by law enforcement and then repossessed in cooperation with law enforcement and with borrower’s consent

Investigate/Repo – Client authorizing vendor to investigate location of collateral and then repossess collateral upon determining location.

LPR Staging - Assign collateral repossession order to LPR Staging vendor for LPR monitoring and recovery