Repossession - Revision history

codex: Keep player guidance in-world; preserve development dates, implementation notes and original wording at Talk:Repossession.

2026-10-27T17:09:52Z

Keep player guidance in-world; preserve development dates, implementation notes and original wording at Talk:Repossession.

← Older revision		Revision as of 17:09, 27 October 2026
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	=== Fee Accounting ===		=== Fee Accounting ===
	* The repossession fee is paid to the agent upon verified delivery.		* The repossession fee is paid to the agent upon verified delivery.
	* The same amount is added to the borrower’s outstanding principal as part of repossession costs~~, consistent with real-world practice~~.		* The same amount is added to the borrower’s outstanding principal as part of repossession costs.
	* This ensures the bank’s asset recovery expense is borne by the delinquent borrower, not by other depositors.		* This ensures the bank’s asset recovery expense is borne by the delinquent borrower, not by other depositors.

reskin at 13:11, 17 October 2025

2025-10-17T13:11:48Z

← Older revision		Revision as of 13:11, 17 October 2025
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	* [[Veridian Bank]]		* [[Veridian Bank]]
	* [[Tow Illegal Vehicles]]		* [[Tow Illegal Vehicles]]

	~~[[Category:Finance]]~~
	~~[[Category:Banking]]~~
	~~[[Category:Veridian Bank]]~~

reskin: /* See Also */

2025-10-08T17:11:57Z

reskin: /* Valuation and Liquidation */

2025-10-08T17:11:39Z

Valuation and Liquidation

← Older revision		Revision as of 17:11, 8 October 2025
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	# Veridian assumes ownership and transfers the asset to the ''Bank-Owned Vehicles'' inventory.		# Veridian assumes ownership and transfers the asset to the ''Bank-Owned Vehicles'' inventory.
	# A valuation is performed using the current [[Blue Book]] algorithm.		# A valuation is performed using the current Blue Book algorithm.
	# The listing price is determined by:		# The listing price is determined by:
	<pre>List Price = max( 0.70 × Blue Book Value , Remaining Principal )</pre>		<pre>List Price = max( 0.70 × Blue Book Value , Remaining Principal )</pre>
	# If the vehicle is damaged, its value is reduced proportionally.		# If the vehicle is damaged, its value is reduced proportionally.
	# The asset is then listed on ~~the~~ [[~~Colonial Auctions Exchange~~]] for public sale.		# The asset is then listed on [[vBay]] for public sale.

	=== Settlement of Proceeds ===		=== Settlement of Proceeds ===

reskin: /* Repossession */

2025-10-08T17:11:07Z

Repossession

← Older revision		Revision as of 17:11, 8 October 2025
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	= Repossession =		= Repossession =
	~~{{Infobox finance~~
	~~\| entity = Veridian Bank of Deois~~
	~~\| policy_effective = 2250-10-08~~
	~~\| governing_body = [[Vieneo Financial Authority]]~~
	~~\| last_update = {{CURRENTDAYNAME}}, {{CURRENTMONTHNAME}} {{CURRENTDAY}}, {{CURRENTYEAR}}~~
	}}

	== Overview ==		== Overview ==
	'''Repossession''' is the process by which [[Veridian Bank]] reclaims vehicles and other secured assets that were pledged as collateral for a loan when the borrower fails to make required payments.		'''Repossession''' is the process by which [[Veridian Bank]] reclaims vehicles and other secured assets that were pledged as collateral for a loan when the borrower fails to make required payments.

reskin: Created page with "= Repossession = {{Infobox finance | entity = Veridian Bank of Deois | policy_effective = 2250-10-08 | governing_body = Vieneo Financial Authority | last_update = {{CURRENTDAYNAME}}, {{CURRENTMONTHNAME}} {{CURRENTDAY}}, {{CURRENTYEAR}} }} == Overview == '''Repossession''' is the process by which Veridian Bank reclaims vehicles and other secured assets that were pledged as collateral for a loan when the borrower fails to make required payments. All vehicle..."

2025-10-08T17:09:00Z

Created page with "= Repossession = {{Infobox finance | entity = Veridian Bank of Deois | policy_effective = 2250-10-08 | governing_body = Vieneo Financial Authority | last_update = {{CURRENTDAYNAME}}, {{CURRENTMONTHNAME}} {{CURRENTDAY}}, {{CURRENTYEAR}} }} == Overview == '''Repossession''' is the process by which Veridian Bank reclaims vehicles and other secured assets that were pledged as collateral for a loan when the borrower fails to make required payments. All vehicle..."

New page

= Repossession =
{{Infobox finance
| entity = Veridian Bank of Deois
| policy_effective = 2250-10-08
| governing_body = [[Vieneo Financial Authority]]
| last_update = {{CURRENTDAYNAME}}, {{CURRENTMONTHNAME}} {{CURRENTDAY}}, {{CURRENTYEAR}}
}}

== Overview ==
'''Repossession''' is the process by which [[Veridian Bank]] reclaims vehicles and other secured assets that were pledged as collateral for a loan when the borrower fails to make required payments.
All vehicle loans on Vieneo are '''secured loans''', meaning the bank holds a legal claim (''lien'') on the financed vehicle until the debt is paid in full.

== Secured Loans and Vehicle Liens ==
When a colonist purchases a ground, air, or space vehicle through Veridian credit:

* A ''vehicle lien'' is recorded in the bank ledger and attached to the hull registry.
* The borrower retains operational control of the vehicle but not clear title.
* Each monthly payment includes both principal and interest.
* After full repayment, the lien is released automatically in the nightly audit.

Failure to pay results in delinquency status.
After **three consecutive missed payments**, the lien enters **repossession eligibility** and may be contracted to independent agents (players) for recovery.

== Player Repossession Contracts ==
Recovered vehicles are physically returned to a Veridian-controlled facility and logged through the [[VLM]] system.
Players performing the recovery are rewarded with a fixed '''Repossession Fee''' based on the vehicle’s class and complexity:

{| class="wikitable"
! Vehicle Class !! Typical Example !! Repo Fee (₡)
|-
| Light ground || Car, rover || 250–500
|-
| Heavy ground || Truck, hauler || 750–1 000
|-
| Air || Transport aircraft || 2 000–3 000
|-
| Space || Shuttle, freighter || 3 000–5 000
|-
| Capital / DIHV || Interstellar carrier || 10 000 +
|}

=== Fee Accounting ===
* The repossession fee is **paid to the agent** upon verified delivery.
* The **same amount is added to the borrower’s outstanding principal** as part of repossession costs, consistent with real-world practice.
* This ensures the bank’s asset recovery expense is borne by the delinquent borrower, not by other depositors.

== Valuation and Liquidation ==
Once a vehicle is recovered:

# Veridian assumes ownership and transfers the asset to the ''Bank-Owned Vehicles'' inventory.
# A valuation is performed using the current [[Blue Book]] algorithm.
# The **listing price** is determined by:
<pre>List Price = max( 0.70 × Blue Book Value , Remaining Principal )</pre>
# If the vehicle is damaged, its value is reduced proportionally.
# The asset is then listed on the [[Colonial Auctions Exchange]] for public sale.

=== Settlement of Proceeds ===
Sale proceeds are applied in this order:

# Repossession and handling costs
# Remaining loan principal and accrued interest
# Any **surplus** beyond what is owed is credited back to the former owner
# Any **deficiency** (if sale < debt) remains as a collectible balance against the borrower

== Example ==
A T-27 cargo transport with ₡100 000 principal remaining is repossessed at a cost of ₡3 000 and sold for ₡120 000.

{| class="wikitable"
! Stage !! Amount (₡) !! Description
|-
| Repo fee || –3 000 || Paid to recovery agent (added to borrower’s balance)
|-
| Principal repaid || –100 000 || Loan cleared
|-
| Surplus returned || +17 000 || Credited to borrower after fees
|}

== Policy Summary ==
* Liens are created automatically for all Veridian-financed vehicles.
* Repossession eligibility begins after **three missed monthly payments**.
* Player agents may claim repossession bounties according to the fee schedule.
* The repossession fee is **added to the borrower’s principal**.
* Vehicles are listed for resale at **70 % of Blue Book value or the remaining principal, whichever is higher**.
* Surpluses are refunded to the borrower; deficiencies remain due.
* All transactions are recorded in the nightly audit under ''Repossession Fees'' and ''Bank-Owned Assets''.

== See Also ==
* [[Loan Policy]]
* [[Blue Book]]
* [[VLM]]
* [[Veridian Bank]]
* [[Vieneo Financial Authority]]

[[Category:Finance]]
[[Category:Banking]]
[[Category:Veridian Bank]]

← Older revision		Revision as of 17:11, 8 October 2025
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	== See Also ==		== See Also ==
	* [[Loan Policy]]
	* [[Blue Book]]
	* [[VLM]]		* [[VLM]]
	* [[Veridian Bank]]		* [[Veridian Bank]]
	* [[~~Vieneo Financial Authority~~]]		* [[Tow Illegal Vehicles]]

	[[Category:Finance]]		[[Category:Finance]]
	[[Category:Banking]]		[[Category:Banking]]
	[[Category:Veridian Bank]]		[[Category:Veridian Bank]]