EDITORIAL
28 June 2018 – 5:33PM PST – Well, the rumor broadcasted on Repo Buzz’s Facebook page on June 25th, turns out to be perhaps only one side of the story. In an email broadcast to Secured Collateral Management’s (SCM) agent network this afternoon, June 28, 2018, it is stated: “For any Capital One repossession you complete you may charge us an additional $10 dollars. (This is in addition to the $10 you are already allow to bill above you contracted recovery rate with us)”
Yesterday, in an Editorial on CUCollector, we made mention of the previous communication posted to Repo Buzz’s Facebook Page. See below;
A Rumor of More to Come
Based upon a yet to be proven rumor by Repo Buzz’s Facebook page, and I prefer not to dive into the rumor mill too easily, a source at a large national forwarder communicated that;
“’New from Capital One today, sent out to all forwarders: Note: No customer should be charged redemption storage after July 1st. Capital One will pay an additional $10 per repo to the forwarder instead. Its up the forwarder if they want to pass that along to the repo agent.“
Assuming Repo Buzz’s rumor source appears to precede today’s announcement decision by Secured Collateral Management (SCM), it appears that they have done the right thing. It’s not a lot of money, but in an industry on it’s heels, every little bit helps. Bravo!
Whether or not this change was the result of the exposure of the post by Repo Buzz, is unknown at this point, but at this point, who cares. It’s upward movement and it’s right.
The BIG question is, which other forwarding companies will step up and show as much character as Secured Collateral Management?
Let’s hope more memos like this come out on Friday. If not, it will only confirm what the “real” repossession industry has known about the forwarding industry anyhow.
Just another reason to SAY NO!
Kevin Armstrong
Editor
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