NATDA Magazine Sept/Oct 2017 NM_Sept2017WEB-ilovepdf-compressed - Page 106

HANG A SIGN ON THE WALL THAT STATES YOUR POLICY Start with an easy statement: Equipment not paid for and not picked up after 30 days will be sold to recover the cost of repair and stor- age. The timeline for defining what abandoned equipment is can vary from state to state. Some dealers have defined abandonment as any- thing still on the lot after 30 days. Before they hit the 30-day mark, they’ve made a phone call at Day 14 and sent a certified letter at Day 29. It’s important there is a specific timeline, so that everyone is on the same page. STORAGE FEE FOR EQUIPMENT LEFT OVER 14 DAYS Some dealers charge a $10/day storage fee for equipment not picked up. The intent with the storage fee isn’t to ever actually collect on the fee, but to avoid ever having to deal with a piece of abandoned equipment. If someone leaves a piece of equipment there for 16 days, then comes and picks it up and pays for the repair, it i