FEES
Everyone’s favorite topic! The summer had a lot of chest thumping and claims by agency owners that they were going to be increasing their fees, and according to the survey results, they did. 70% of the survey respondents claim that they had increased their fees over the past five months. That does not mean however that they were all dramatic or were the actual recovery fees, which you will see soon.
While the weighted average fee for Involuntary Repossessions rose to $376.16, the survey showed a paltry 2% increase, or, an $8.12 increase.
The weighted Voluntary Repossession fee increased to $237.20 and was more robust with a weighted average increase of 10% or $22.11.
Much like Involuntary Repossession fees, Impound Repossession fees scarcely moved and increased to $302.84. A mere 2% or $6.83 by response.
The industries long lost friend, ancillary fees, appear to be making a comeback, with large increases in claimed required paid fees. Personal property, the most perilous of tasks during the pandemic, showed dramatic claims of requirements as did both areas of vehicle storage.
Special handling, or COVID-19 Fees, which were a mere point of discussion during the first survey, appear to have levelled out to a reality which has settled at a weighted average fee of $35.79, which is just slightly higher than the May average of $34.71, when forwarders and lenders were still scoffing at the idea.
Click below to go back to the other survey sections
Click here to See May’s “State of the Repossession Industry Survey” Results!
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