Santander Collecting Storage, But Repo Agencies Can’t?

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.

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The True Cost of Free Storage

GUEST EDITORIAL

Repossession company owners hear this phrase every time they court a new client, “how many free days of storage do you offer?” or some variation.  For most of us this question is answered begrudgingly and usually begins the standard back and forth of negotiation.  Often this leads to at the very least relinquishing any fees for storage for a certain amount of days to this new client, and as a result the owner gave away his highest profit item in the hopes of earning more work.

Now some of you reading this are rolling your eyes and saying to yourself “here comes another lecture about giving our services away”.  No, I won’t do that because I am just as guilty as you are and have the same conversation with every new client and current client for that matter every time we discuss fees.

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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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Standardizing Rates or Unfair Price Fixing!

alrm_clkGUEST EDITORIAL

An email message to agents appeared in my inbox yesterday that causes great alarm to me and should be ringing your alarm bells too.

In an attempt to fall within an undefined state of “COMPLIANCE” a strong player within the recovery industry has taken it upon themselves to set “Work environment financial rules” that are clearly set out to do one thing and that is creating a network- nationwide price scheme for services rendered, your services not theirs and without regard to your loss or profit, they have set the price at $125 dollars.

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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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