Standby Servicing
Protect the Value of Your Assets
Standby Servicing
Spartan currently provides Standby Servicing to more than 50 facilities with portfolios totalling over $3 Billion. Our capabilities include:
Hot
Run Partial or Full Parallel Systems
- Weekly and Monthly Data File Updates
- Portfolio Monitoring
- Transition Planning
- Resource Allocation
- Confirmation to Funders’ Monthly
Warm
Review Monthly Servicer Reports, Perform Portfolio Analysis and Store Data Files
- Monthly Data File Storage
- Portfolio Monitoring and Review
- Transition Planning
- Quarterly Data uploads into SPARTAN
- Confirmation to Funders’ Monthly / Quarterly
Cold
Servicing Option with Minimal Monitoring and Transition Preparation
- Semi-Annual or Annual Data File Storage
- Periodic Portfolio Monitoring and Review
- Reservation of Space on Servicing Systems
Replacement Servicer Responsibilities
During the Assumption Period and until the final date, Spartan Services, on behalf of the Funder, will:
- Ensure Collections are paid into designated account within time frame prescribed
- Remit any and all Sales Tax
- Permit Funder or its agents conduct audits
- Maintain copies of all records in secure premises
- Notify Funder in writing changes in contract with an Obligor which may have material adverse effect
- Maintain insurance
- Make from time to time filings and registrations in all applicable jurisdictions
- Deliver to Funder Portfolio Reports, notices and listings as required by agreement
- Make all reasonable efforts to sell returned / repossessed vehicles