Press Release
Jim Farley, Principal C.F.O. of Secure Collateral Management, announced today SAME DAY payment to it’s network of recovery agencies.
Beginning April 1, 2013 SCM will begin paying repossession agents all repossession fees the same day they repossess the vehicle with no early payment fee charged.
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Question: Does Secure Collateral Management pay the total fee to the agent if they opt for SAME DAY payment? Or is there a charge for SAME DAY payment?
NO charge, NO fees…As long as your paperwork and invoice are submitted, payment in full is made.
I was informed by a current agent that the assignments put out by SCM are all on a contingency basis and the “pay on the day the vehicle is repossessed” means exactly that… no recovery, no pay. Could some one please confirm or deny this statement.
Ron:
I feel your question or statement is a little misleading, or maybe i am just not understanding it as intended. To answer part of your question, yes SCM is a forwarder who assigns on a contingent basis. In plain English, you get paid only if you recover the collateral. No recovery, no pay. The other part of your statement about Same Day pay is just that, as long as you have recovered the collateral, submitted your condition report, and submitted your invoice; you will get paid the same day.
For those of you who refuse to work contingent, then this announcement might not mean anything to you.
For those of you who do, or are willing to, this news is BIG…getting paid ASAP without any deductions, fees, or waiting weeks on end it is a great thing.
Back to those of you who do not or refuse to work contingent. While in no means will I ever try to change your position on this subject, I would ask you to see this as a good thing and a good step in the right direction by a forwarder. Lets no be so quick to throw the baby out with the bathwater.