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#1388856 - 05/11/10 12:53 PM Indirect Lending
LinMarie Offline
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LinMarie
Joined: Nov 2001
Posts: 243
Through a file review of approved indirect loans, I found a dealer who has misrepresented vehicles to increase its value to fall within our LTV restrictions. Does the bank have a right to go after full recourse on these loans?

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Audit
#1390680 - 05/13/10 06:29 PM Re: Indirect Lending LinMarie
Andy_Z Online
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Andy_Z
Joined: Oct 2000
Posts: 27,458
On the Net
I would say it depends on what is written in your dealers agreement. It certainly sounds like something that should be corrected with additional reserves or a buy-back.
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AndyZ CRCM
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#1390751 - 05/13/10 07:34 PM Re: Indirect Lending Andy_Z
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,649
Galveston, TX
Sounds like a SAR is in order also, as this is loan fraud.
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