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Personal Property Handling – A Survey of Practices

Home General Repossession Topics Personal Property Handling – A Survey of Practices

Which option best describes your institution's policy regarding agent fees for handling personal property (PP) recovered during a repossession?

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  • Fees Set by Agent / Collected by Agent
  • Fees Set by Agent / Billed to Lender
  • Lender Sets Allowable Charges / Collected by Agent
  • Lender Sets Allowable Charges / Billed to Lender
  • Personal Property Fees Included in Repo Fee / No Additional Fees Allowed
  • This topic has 1 reply, 2 voices, and was last updated 3 months ago by AvatarCurt Thompson.
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  • Author
  • #2840
    Thee ChangThee Chang
    • ALS Resolvion
    • Topics:24
    • Replies:1
    • Honorable Member

    Approximately 2 years ago the CFPB put a spotlight on the issue of fees charged to consumers for the return of personal property found in repossessed vehicles.  As a result, lenders started formulating policy and procedure around the issue.  A variety of models have emerged from the process.  The attached article summarizes the various approaches being used today.  Take the poll below to share your institution’s practice and we will share the results so that you can see which models have emerged as the most popular.

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    AvatarCurt Thompson
    • Reliable Auto Finance
    • Topics:0
    • Replies:1
    • New Member
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