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LENDERS REPOSSESSION BEST PRACTICES FORUM

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Personal Property Handling – A Survey of Practices

LP – Resolvion Logo Reveal 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 Agent25.00%1 vote
  • Fees Set by Agent / Billed to Lender0%0 votes
  • Lender Sets Allowable Charges / Collected by Agent25.00%1 vote
  • Lender Sets Allowable Charges / Billed to Lender0%0 votes
  • Personal Property Fees Included in Repo Fee / No Additional Fees Allowed50.00%2 votes

This topic contains 1 reply, has 2 voices, and was last updated by Avatar Curt Thompson 3 weeks, 6 days ago.

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  • Author
    Posts
  • #2840
    Thee Chang
    Thee Chang
    Keymaster
    • ALS Resolvion
    • Topics:23
    • Replies:1
    • Honorable Member
    @thee-chang

    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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    #2884
    Avatar
    Curt Thompson
    Participant
    • Reliable Auto Finance
    • Topics:0
    • Replies:1
    • New Member
    @curt-thompson
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