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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What Happens When the Professional Repossession Industry Dies?

EDITORIAL

Well, this isn’t likely to help in my job hunt in lending and collections, but I’ve got to get it off my chest.

A friend of mine who works in a repossession related business, recently had a meeting with a leader of a large financial organization who assigns their work through a large forwarding company. Their conversation turned to fees and my friend brought up the fact that many repossession agencies are closing due to decades long stagnant fees created by the forwarding model. The leader of this organizations indifferently said, “that’s their problem.”

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