AFA Thanks Capital One for Preapproved Flatbed Fees

In a bold move, hopefully design to improve relationships between capital one and its repossession providers, Capital One announced today that they will now pay flatbed fees on any completed voluntary or involuntary repossession. Capital One announced that you will no longer be required to request approval for a flatbed fee, or Dollify, during or after the repossession process on the following units, all-wheel drive, four-wheel-drive, or electric vehicles.

Read the Full Memo at The Bottom

In a further statement of capital, one announced that units with electronic E brakes or inoperable vehicles that do not meet the above criteria will still require preapproval in writing from capital one prior to billing. If a flatbed fee is required for these vehicles, they are requesting that you reach out to your capital one liaison for approval capital one has recognized the importance of agencies owners to be able to run their repossession businesses with ease, allowing agents to use their best judgement when it comes to safely and properly towing recovered collateral.

They go on further to say that they have full confidence in the integrity of their suppliers, and they look forward to partnering with you and hearing any feedback that you may have on this matter. Capital One has supplied its vendors with a new code, FLTDO, in order to make billing easier.

Allied financial adjusters, applauds, Capital One’s efforts to continue ongoing relationships with all their vendors.

Wade S. Argo

President,

Allied Finance Adjusters

Hello Capital One Partners,

You Asked. We Listened. We Changed!!

Beginning today, 08/04/23, any completed voluntary or involuntary repossession of a Capital One vehicle that meets any of the three bulleted criteria below will now be auto approved for a flatbed/dolly fee of $150.00.

You will no longer be required to request approval for a flatbed/dolly fee before, during or after the repo process on the unit types below.

AWD
4WD
Electric Vehicles

Note: Units with e-brakes or inoperable vehicles that do not meet any of the above criteria will still require pre-approval in writing from Capital One prior to billing. If a flatbed/dolly fee is needed for these vehicles, please reach out to your liaison for approval.

You should be empowered to run your business, and we need to allow you to do that. We will auto-approve whenever the completed repossession meets the criteria above and will partner with you directly if discrepancies or questions arise. We have full confidence in the integrity of our suppliers and we look forward to partnering with you and hearing your feedback on how this is going.

Impound assignments should not be billed for flatbeds or dollies, and should instead follow the previous guidance of a blanket $175 ancillary pre-approval.

Invoicing moving forward: Please use the new fee code FLTDO as this will allow the auto approval of your invoices.

If there are any additional questions, please reach out to your liaison or a member of the Repo Operations leadership team.

As always, we appreciate your partnership. Thank you for all that you do!

Thank you,

Amanda Aldrich

Associate Process Manager

Collateral Management