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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