Account Number

Enter the account number for which you want to run the Repossession transaction for. See the Running Transaction topic in the CIM GOLDTeller manual for more information.

As of Date

Enter the date the repossession took place. This date updates the Date of Repossession field (FCRPOD) on the Loans > Bankruptcy and Foreclosure > Foreclosure, Repossession and Judgment screen in CIM GOLD. The date can be before today's date up to today's date. However, it can't be earlier than the Last Transaction Date on the loan.

F/M New Data

(Field 115)

Change the name of this field to "General Category." The General Category that indicates a repossession are:  

81 - Repossessed — non-real estate property

85 - Repossessed assets. Stops late charge assessments.

See the General Category field for more information on different General Categories available.

You may want to make this a drop-list. Note: If the loan is charged off, whatever is entered in this field will be ignored and the account will retain the charge-off General Category (82, 83, 84, 86, 87, 88, 89).

See the following sections in CIM GOLDTeller that explain how to change names of fields and how to create drop-lists:

•CIM GOLDTeller > Functions > Administrator Options > Transaction Design > Field Properties Screen

•CIM GOLDTeller > Functions > Administrator Options > Transaction Design > Creating a drop-list field

Tip:

You could copy this transaction and create another transaction similar to this one. For the copied transaction, you could name the transaction "Foreclosure." Then for the Repossession transaction, you would change the General Category field to only allow "81-Repossessed — non-real estate." And for the Foreclosure transaction, you would change the General Category field to only allow "85-Repossessed assets." See Copying Transactions in the CIM GOLDTeller User's Guide for more information on how to copy transactions to create a new transaction.

F/M Old Data

(Field 114)

You should either hide this field or change the name of the field to "Hold Code." If this field is left blank (or you hide the field), a Hold Code 93 (Repossession by Grantor) will be placed on the account after the transaction is run. If any other Hold Code is entered in this field, that Hold Code will be placed on the account after the transaction is run.

Hold Code 93 affects monthend Credit Reporting. Accounts with Hold Code 93 are assigned Account Status 96 (Merchandise was repossessed by credit grantor; there may be a balance due), which is reported in Base Field 17A in the Credit Report transmission (FPSRP184). See the Credit Bureau Status (Account Status) topic in the Credit Reporting manual for more information.

Y/N Field 1

(Field )

You should change the name of this field to "Discontinue Statements?" If this box is checked when the transaction is run, the following occurs:

•If you do not check this box, then nothing changes in the Statement Code or Advertising fields on the Loans > Account Information > Additional Loan Fields screen > Valuation/Billing tab.

•If you do check this box, the Statement Code field becomes "1 - No Statement" and the Advertise field becomes "0 - Do Not Advertise." These fields determine whether Consumer Finance statements (FSRP180, FPSRP280, FPSRP296, and FPSRP298) are sent to borrowers and whether or not advertising messages/fliers are included.

•If institution option COOP is equal to 6, then the Do Not Send Statements for this Account is also checked on the Valuation/Billing tab.
 
Note: These fields are also found on the Loans > Marketing and Collections screen, CIF tab.