Metro 2 Payment History Profile Code K: Repossession

Specification

Code	K
Meaning	Repossession
Field	Payment History Profile (Field 18)
Record	Base Segment
Length / position	24 chars · 112–135
Category	Terminal Outcomes
CRRG reference	CRRG Base Segment field definition, Payment History Profile

The distinguishing fact is that recovery was involuntary. The consumer did not return the collateral; you took it.
K describes the recovery event. What happens next, the sale of the collateral and any deficiency balance, continues through the balance and status fields.
A repossession that the consumer later reinstates by paying arrears and recovery costs does not un-happen. The month of repossession keeps its K and the account resumes reporting from the current month forward.
Does NOT mean voluntary surrender. If the consumer initiated the return, the character is J.
Does NOT mean the account was charged off. Repossession and charge-off are separate decisions and can occur in different months, each with its own character.

1A credit union reports the month a recovery agent repossessed a financed vehicle after four missed instalments.
2An indirect auto lender reports a repossession following a failed cure period on a 60-month new-auto loan.
3A powersports lender reports recovery of financed collateral after the borrower stopped responding to contact attempts.
4A lender reports a repossession that was later reinstated, so the repossession month keeps K and the following months resume real characters.

Report K only for an involuntary recovery. Cooperation before a recovery order makes it J.
Report the month recovery actually occurred, and leave the earlier delinquency characters untouched.
After liquidation, report the deficiency accurately in Current Balance and Amount Past Due rather than leaving the pre-repossession balance in place.
Keep the Date of First Delinquency anchored to the original missed payment, not the repossession date.

A file can be structurally valid and still be wrong. These are the cross-field conditions Payment History Profile Code K has to satisfy.

Payment Rating does not publish a K value, so a K in position 1 must be reconciled against Account Status rather than mechanically against Payment Rating.
K in position 1 corresponds to Account Status 96 (merchandise or collateral repossessed).
Requires a secured account, normally Portfolio Type I (Installment). A repossession character on an unsecured Portfolio Type R account is a contradiction.
A Date of First Delinquency is required where the repossession followed an uncured delinquency.
Current Balance after liquidation should be the deficiency balance, and it must remain consistent with Amount Past Due.