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Repossession Storage Rates

Repossession storage rates vary greatly across the USA. Many repossessors charge the bank one price, and the debtor a much higher rate if he redeems their repossessed car. Are your repossession storage rates in line with your local competition?

The national average storage rate for repossessed cars that the repossessor charges the bank is: 10 days free storage, and $15.00 a day thereafter.

The national average storage rate for repossessed cars that the repossessor charges the debtor is $30.00 a day with no free days of storage. Some city's like, San Diego, Los Angeles, and New York are charging debtors as much as $50 a day for storage of their repossessed vehicle.

Many companies are now charging $30 a day for storage until the invoice is paid in full, then they will provide you with 10 days free storage. This tends to get the smaller car lots and finance companies to get off of their checkbooks and pay the repossessor quickly.

Repossession Service Impound

Obviously RV's and semi trucks that take up more space would be more than the above rates. Large metropolitan areas with limited space are toward the higher end and rural areas are generally less expensive.

So how do you know if your storage rates are in line with your local competition? Call them posing as a potential customer and ask them their repossession storage rates. Many of your competitors have web sites with their repossession storage rates posted online.

Shop around and make sure your repossession storage rates are in line with the other repossession services in your area. Don't be afraid to raise or lower your repossession storage impound rates if you are much lower or higher than your competitors repossession storage rates.

It's probably not best to have your repossession storage rates at one extreme or the other. From a business perspective it is usually best to put your repossession storage rates in the middle of the two extremes.

What's your opinion?

Reader Comments:

RepoRon says: I called around and found that my company's storage rates were much lower than my competition's. So I raised my daily storage rate from $5 a day to $15 a day. Thanks for the suggestion! Repo Times Rocks!

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