EDITORIAL
To quote someone who may desire to remain anonymous, “Let This Sink in…”
Perhaps I’m a little late on this, but a copy of a borrower notice of intent letter from Santander/Chrysler to an unnamed borrower has surfaced showing Santander charging $25 a day storage while forcing their repossession agents, direct and via Forwarder, to waive the fees. This is almost too bizarre to be true.
Based upon alleged concerns of the legality of charging storage on vehicles and personal property, Santander/Chrysler had forced their repossession agents, direct and via Forwarder, to sign new contracts waiving these fees. If this is indeed a notice of intent letter on a repossession from Santander/Chrysler, then this is may be, in my humble opinion, (and I am NOT an Attorney!) illegal at either the criminal or at very least civil level.
I can’t imagine how this practice would hold up in court? For starters, the borrower is being quoted storage fees, which Santander appears to be collecting, on reinstated and redeemed repossessions which they are not being charged for by the repossession agency. I smell an unfair and deceptive business practice and a huge settlement if true.
Now, how about the repo agencies? You’ve been lied to at very least. Ripped off and of probable legal grounds, in my humble opinion, (and I am NOT an Attorney!)
If this does hold true, Santander/Chrysler appear to be capable of even further reducing their repossession fees by pocketing the vehicle storage fees. Hypothetically, if the vehicle was held in storage, charged and redeemed for 12 days storage or more, Santander/Chrysler could either pay nothing for the repossession or even profit by offset.
Now, if this is true, and I have little reason not to believe it is, I am pretty sure that when the persons responsible at Santander/Chrysler pulled this off, they must have been laughing so hard they wet their pants.
Personally, I don’t know why you all put up with this?
Wake up folks!
Kevin Armstrong
Editor,
CUCollector.com
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