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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Debtors Son Arrested for Firing Shots at Repossessor

e_cllns_sprtnbrgSpartanburg, SC – 4 January 2017 – Spartanburg County deputies said a man was arrested Tuesday night after firing a gun at a tow truck that was repossessing a vehicle.

Deputies said they were called to an incident on Harrelson Road just before 11 p.m.

According to investigative reports, the tow truck was called to haul off after a woman had failed to make payments on it. The woman’s husband and sons attempted to take items from the car before it was hauled away and told deputies they had not taken all of their personal items from the car when the tow truck driver began leaving.

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Free Webinar to Help Agents with the Right way To Handle Personal Property

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FOR IMMEDIATE RELEASE

December 14, 2016 – The Consumer Financial Protection Bureau has indicated it is interested in looking at how repossession agencies charge consumers for items like vehicle storage and personal property. That could lead to investigations, financial penalties, or worse.

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Personal Property….IT’S MINE!

property_bagsGuest Article

We have been told that the number one complaint lodged against collateral recovery specialists are allegations of missing personal property.  I have been involved in providing opinions in numerous law suits involving self-help repossessions and none of them involved such allegations.  However, since this is apparently a serious issue I am submitting this article in hopes that it may clarify the importance and accepted methods of the proper handling of personal property contained in a vehicle at the time of repossession.

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