I contacted Speedy-Repo for an involuntary repossession, and they were quick to get setup. During the initial phone call, he mentioned a contingent fee (which I swear he muted himself for that part) where they charge us 10% of the vehicle value. For some reason this company thinks its a good idea to charge a fee for repo based on the vehicle value. So you have to pay $350 towing, a contigent fee (10-20% of vehicle value - which they can't explain how they got their value), and also pay $90 for a lockout fee (which they never stated). The invoice you get isn't from Speedy-Repo, but some other LLC. I've been dealing with repo companies for almost 10 years and this is the absolute worst company I've had to work with. These additional charges are complete crap. A $350 repo charge turned into $1500 bill for me on a 2013 Focus. They don't accept company checks or credit cards, but hold your vehicle hostage based on a wire transfer. They say they offer 10 days free storage, but that only starts after they receive payment. So if you don't wire a payment the same day, you have to pay $30/day on top of these imaginary fees. They also don't tell you the location of your vehicle until you pay. They claim they're out of Ohio, but send company information that says they're based out of Canada. I almost told them to keep the car so I didn't have to deal with them again. Seems like a complete scam. I would never use this company again.
Desired outcome: Want to protect other lenders from potentially using this company
The person that owns this business is D. and K. There is 4 to 5 other employees who work with them at their home office that looks like a barn in the backyard. His home address is [protected].. He has a p.o box in Canada that he uses for the business address. That's to prevent him being sued or make it very difficult to do so.. Its all a scam to charge way more for a repo than needed. They come up with vehicle values from Kelly bluebook. DO NOT PRINT AND SIGN THEIR HOLD HARMLESS!
How did you track down the owners since they all use fake names?