Monday, Sep. 10, 2007, 08:00 PM UPDATED 11:59 AMBy Nick Zulovich
HUNT VALLEY, Md. — Sure, it takes time, money and patience to chase after primary insurance proceeds on repossessed vehicles. Sometimes it's just easier to wash your hands of it. Or is it?
RecoveryPro is a specialized, affordable asset protection program created by van Wagenen that delivers a cost-effective solution for auto lenders seeking to maximize the recovery of insurance proceeds on damaged, repossessed vehicles, thereby reducing charge-offs.
With more than 30 years of Insurance Tracking and Lender-Placed Insurance experience, van Wagenen said it saw an opportunity to utilize its expertise, technology and claims experience to monitor repossessed vehicles, verify insurance, appraise the vehicle for damage and collect any primary insurance proceeds, all of which requires very little effort on the part of the lending institution.
"It's fast and it's seamless," explained Mary Wood, van Wagenen's president. "Whether you have given up on collecting any of these insurance claims, or only manage to track down a few, we know by simply integrating with your remarketing system.
"We can reduce your charge-offs by identifying and recovering any available primary insurance proceeds on repossessed vehicles," Wood added.
For those clients already using van Wagenen for their Insurance Tracking or Lender-Placed Insurance needs, RecoveryPro is another tool they can use in the fight to control physical damage losses on collateralized loans.
"It is just one more service we offer that helps reduce losses for our lenders," said Wood. "van Wagenen is already known for outstanding customer service and superior technology; now we can now easily integrate this additional cost saving solution into our Insurance Tracking or Lender-Placed Insurance programs.
"Whether you are an existing client or considering our services, RecoveryPro, when combined with other products, provides the full package of risk mitigating tools for any automobile portfolio," she concluded.
Van Wagenen Financial Services said it has been serving financial institutions throughout North America for nearly 75 years. It is focused on providing the industry's most efficient, reliable and cost-effective Insurance Tracking and Lender-Placed Insurance products, officials said.
Van Wagenen addresses the needs of lenders with products backed by responsive, customer-driven services and state-of-the-art technology, executives indicated.