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Preparing to Sell Auto Notes
Create a masked file
First, you need to compile an Excel spreadsheet listing all the accounts for which you plan selling auto notes. This procedure involves masking sensitive borrower information, hence the term 'masked file' in the debt industry.
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Thinking about the sales strategy
Next, you decide whether to sell the entire portfolio or break it down into pools by geography, product types, and stage of delinquency. This process ensures you get the maximum price, given that each buyer specializes in a specific type of debt or geography.
Check the availability of original documents of loan contracts
The documentation process when selling auto notes is also crucial, with electronically stored documents usually leading to a higher portfolio price, as the buyer can start working with the portfolio immediately after signing the PSA.
The preparation of the Purchase Sales Agreement
The contract should reflect the actual terms for closing the transaction, transferring documents, and obligations of the seller and buyer.
The preparation of the Seller's Questionnaire
The last step is the preparation of the Seller's Questionnaire, in which the seller describes the main parameters of the portfolio to be sold. A correctly completed seller's questionnaire will help buyers better understand the portfolio being sold, how it was previously collected, and other features.
Post Sale Service
File exchange and communication logs between debt buyer and seller are end-to-end encrypted on Debexpert loan marketplace.
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