BMW gets it Right on Fees

EDITORIAL

22 November 2017 – In a world of lenders and forwarders so scared of the CFPB and it’s view of personal property fees that they wantonly and with complete disregard to the efforts and labor involved with the process, are requiring repossession agencies to waive all fees associated with it, it is refreshing to see a lender make a business decision that is reasonable and profitable to the agent.

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Dumpster Diving – Personal Property Fees

Editorial

Cockroaches scurry for cover under the seats as you open the door of the car that was just repossessed earlier that morning. The sun has been up for a few hours and the car’s interior has fermented it’s contents that greet you with a sour rotting smell. Rubber gloves on and trash bag in hand, you begin the inventory of a half-eaten “Egg MCMuffin”, dirty diapers, assorted papers, shirts and a lot of items belonging to the borrower that makes you wonder why is all of this in their vehicle? This is, no doubt, sometimes the most unpleasant part of the repossession process.

So, why do you do it? You have to! It’s the law. As a legal compromise, the law also allows you to charge for the removal, inventory and storage of this property. So, why would you not charge for this?

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Rate a Lender, Rate a Forwarder

A common inquiry on social media in the repossession industry is, lender and Forwarder performance. In these posts, it can be difficult to measure exactly what the overall experience is amongst agents and agencies. In our effort to facilitate a platform for agents and agencies to provide valuable feedback to others in the industry, we have created easy to access polls measuring the performance of Lenders and vendors on a number of various aspects such as fees, storage and quality.

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The $500 Repo Fee

Editorial

$500 repo fee. Sounds pretty radical, doesn’t it? Well, really, it’s not. I imagine every one of us has had a father or grandfather who tells us how candy bars used to cost a nickel and gas was a quarter a gallon. Well, they’re usually telling the truth. These changes are reactionary to operational costs of living and operations and fall under a proven thing called (dig this) inflation.

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How Low Can Repossession Fees Go?

hand_fll_chngGuest Editorial

Repossession fees have been cut and cut to the point it is getting dangerous. It’s been shown time and time again, when you read these stories about repossessions gone bad, they happened when you have untrained people out there picking up cars and/or they are under undue stress to repossess that car because if they don’t, they don’t get paid—their family doesn’t eat. If you cut back fees too far, it becomes impossible for companies to do it right. Perhaps instead of trying to find more ways to save the consumer money, maybe it’s time to start to find ways to make the consumer and general public more safe by paying a higher repossession fee that allows for companies to run their businesses right and to make their repossessions safe.

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