I need some assistance. One of our lenders is wanting to sell one of our repossessed vehicles on social medial. Is there a regulation/ state law that states whether it is allowable or not? If it is allowable, would any marketing rules or disclosures come in to play?

One of your loan officers - since when is policy made by a loan officer? What does your board approved repossession/collection policy say? Also, check with your legal counsel, but if you are going to hold the borrower responsible for any deficiencies, then you most likely need to do it through a public auction in order to prove that you received fair market value for the vehicle.

Thank you Randy. All very good points.

What Happens After a Repossession in Indiana?

The creditor can choose to keep your car unless you’ve paid more than 60% of the loan balance. In that case, the lender is required to sell your car at auction. You will receive a Notice of Sale with details on the location and time of the sale.

https://upsolve.org/in/repo-laws/#:~:text=abandoned%20your%20property.-,What%20Happens%20After%20a%20Repossession%20in%20Indiana%3F,and%20time%20of%20the%20sale.

The IN code is 26-2-10. http://iga.in.gov/legislative/laws/2021/ic/titles/026#26-2-10

If the vehicle will not be sold at auction then we require a minimum of 3 sealed bids. Fortunately our repos are few and far between.

I appreciate the additional information.