I talked recently with Joel Bowen, President of the California Credit Union Collectors Council (CCUCC). He shared his perspective on the state of credit unions as we continue to emerge from the pandemic. As we’ve heard from other lenders, delinquencies in general are down since the spring of 2020 when COVID-19’s effects were first felt in the U.S. In California, involuntary repossessions are very low as consumers are able to pay off debts because of stimulus checks, higher unemployment payments and rent or mortgage forbearance. Another trend Joel discussed is that loans that were past-due before COVID-19 are an even
Related to the challenge of effectively communicating with vehicle owners, another obstacle for recall completion lies with convincing owners to complete the needed repairs. Why? Our panel of experts cited a few reasons: Lack of trust: Owners may not believe a repair is really necessary if they don’t know or
To understand LPR staging, it’s best to look at repossession assignments as two different types (active and passive). An active assignment is a typical assignment a lender would give to a repossession vendor. The repossession vendor is actively looking for the vehicle based on location data provided by the lender.
As DRN’s License Plate Recognition (LPR) technology has advanced over the last several years, so has the need for lenders to access and use more data than ever before. DRN began introducing LPR into the repo industry in 2008 by launching what is known today as “Live Pick Up”. This
Once a valid owner and address have been confirmed, the next challenge comes with making successful contact with the individual. Beyond traditional methods of mailed notices and even phone calls, innovative, multi-channel strategies are needed to reach owners and encourage them to take action. One industry expert said, “Having a
Finding Vehicle Owners A number of factors present challenges when it comes to completing a repair on a recalled vehicle part. One of the greatest ones lies with the seemingly basic step of locating the vehicle. Why is this so difficult? Address data decays at a rate of 2% a
DRN’s Virtual Showcase in October 2020 brought together leaders from across the vehicle financing industry to discuss various issues and trends affecting their businesses, including both short- and long-term impacts of the COVID-19 pandemic. We focused time on credit unions with several representatives of that industry and other finance experts.
In October last year, we hosted our first-ever DRN Virtual Showcase, which brought together experts from across the auto recall industry to discuss how effective and creative use of data and communication can improve auto recall completion rates. Our panelists included: Angel Preston – Formerly Director, Safety, Alliance for Automotive
Questions 1. What makes you proud to work at DRN? I love how much we support each other. We work together as a team and we are able to get many different perspectives on everything we do. It really contributes to our team’s successes and enables us to help our
DRN held its first-ever Virtual Showcase in October 2020, hosting experts from various segments of the auto industry. Part of the agenda focused on repossession. We hosted a number of our Affiliates as well as several industry leaders to discuss the state of the repo industry coming out of the
Byrider is one of the nation’s leading used car dealership and finance organizations. One of the key themes from their recent conference centered on the unique state of the buy here pay here (BHPH) market. The combination of stimulus checks and loan deferrals due to COVID-19 has put money in
DRN’s first-ever Virtual Showcase brought together experts from across the auto industry to discuss perspectives, trends and best practices for using license plate recognition (LPR) data to solve various challenges and drive success. One section of the agenda focused on the auto insurance piece of the industry, specifically on how
At DRN’s Virtual Showcase in October 2020, we hosted leaders from across the auto lending industry to discuss how their organizations weathered the COVID-19 pandemic. Our team of experts included: Danielle Arlowe – SVP, American Financial Services Association (AFSA) Chuck Blommaert – VP Loan Servicing, Flagship Credit Acceptance Anthony Capizzano