On Behalf of Multiple State Repossession Associations
To the Repossession Industry and its Clients and Lenders: We, the undersigned leaders of our respective state Repossession Associations are writing to inform you of our coordinated effort to address the single greatest issue facing repossession agents, storage.
The issue of free storage has created a tremendous burden on repossession service providers such as absorbed higher costs, extended insurance coverages and increased claims, and property redemption with no compensation to cover these losses and services. It is our position that this stance taken by lenders and clients has created a scenario of instability in our industry that must be corrected for the benefit of all.
Without significant change in how we collectively approach the cost of daily storage we fear that more than the thirty percent of agencies that have already exited the industry will continue to increase. This threat of rising costs and responsibilities by agents driving many out of business will lead to drastic losses for both agents and lenders in the future.
This group of state association leaders and its respective members are dedicated to seeking a mutually beneficial resolution and welcome the opportunity to sit and discuss our position in person. Please join us.
Sincerely,
Jeremy Cross – Pennsylvania – PARA
Todd Case – Indiana – INPRA
Santino Datoli – Illinois – AIR
Amy Bednar – Ohio – OAR
Vaughn Clemons – President, American Recovery Association
A Warning to Clients and Lenders on Storage Fees – Repossession History – Fight for Fair Fees – Repossess – Repossession – Repossession Agency
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