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Timing o​f​ Booking a Repo Vehicle to Other Assets

Question: 
What is the guidance for timing o​f​ booking a repo vehicle to other assets? Does it have to be at the time the car was taken back? Is it okay to keep as a loan for a few weeks if the car will be sold in that time period?
Answer: 

by Randy Carey:

How do you "keep it as a loan"? That is going to falsify the borrower's record.

Answer: 

by Richard Insley:

If Call Report instructions provide any detail or clarification, that's an authority you can't ignore.

First published on 02/18/2018

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Filed under lending as: 

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