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#1415548 - 07/15/10 06:48 PM Reposession and Privacy
Val T Offline
Junior Member
Joined: Nov 2009
Posts: 30
Wyoming
I have a lender who is working with a company out of state to repossess a vehicle. The company is asking for the borrowers SSN to do additional searches in their state. In regards to privacy our bank does not share outside of what is required or permitted by law. If we have the company sign our Third Party Confidentiality Agreement are we okay to give this information out? I just want to make sure to cross all the T's and all that stuff before I tell the lender it is okay to share this information. Thanks for any help.

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#1415569 - 07/15/10 06:56 PM Re: Reposession and Privacy Val T
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,912
Galveston, TX
It should be a standard part of your repo contract to begin with. You already are indicating that this person is a customer of the bank (non-public information) - whether you share other information or not.
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#1415676 - 07/15/10 08:03 PM Re: Reposession and Privacy rlcarey
Val T Offline
Junior Member
Joined: Nov 2009
Posts: 30
Wyoming
That is what I was thinking. Thanks for the help.

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#1633044 - 11/29/11 05:40 PM Re: Reposession and Privacy Val T
travelgirl Offline
100 Club
Joined: Mar 2004
Posts: 223
Minnesota
I understand we should make this part of our 3rd party confidentiality agreement in order to be able to share the borrowers SSN.

We are attempting to repo a car. Our borrower has indicated her daughter is now driving the car. The repo company wants info (address,SSN, etc.) for the daughter. I think we have that info but I don't know where it came from (maybe the borrower provided it - I don't know).

Can we even provide info on the daughter to the repo company since she is not the borrower? Or is this permissible if we have a confidentiality agreement with our 3rd party and we are trying to collect a debt? Where is the line drawn for the "permissible to share in order to complete a transaction?"

My guess is this is where we involve legal counsel?

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