Could the secret to better returns on your auto loan portfolios be a “to-don’t” list? As the year comes to a close, we often write our list of resolutions for the New Year. We decided to change it up and give you a “what not to do” list instead. Here
Flat-Rate Vehicle Location Data Helps You Prevent CFPB Fines. The CFPB (Consumer Financial Protection Bureau) is cracking down on Disparate Treatment and Disparate Impact and here’s the rub: you can get into hot water even if the disparate treatment or impact is unintentional. In simplistic terms, the CFPB is saying
Why Traditional Collections for Non-Traditional Loans Doesn’t Work. Imagine a perfect collections world – a world where all loans, subprime and prime, were paid on time. Admittedly that’s a fantasy scenario, yet we are seeing collections departments that live in a similar fantasy world – a world where tradition equals
Value-Based Pricing Opens New Possibilities for Collections & Recovery FORT WORTH, TX 10/20/2015 – Digital Recognition Network (DRN) (www.drndata.com) announced the launch of their new Enterprise Solution, a value-based subscription model for all-you-can-eat access to vehicle location data. Auto lenders rely on DRN’s vehicle location data to recover more assets
Why your new Best Practice should be using vehicle location data to reduce charge-offs. Insanity is doing the same thing over and over again and expecting the same results. Yet, that’s exactly what we are seeing with many auto lenders who turn to us for help. They employ the same
Attention Auto Lenders: Use ROI to drive data investments and reduce charge-offs. In our last blog we talked about John’s loan and the power of new vehicle location data insights in collections. We learned how using LPR data early in the collections cycle provides valuable insights to help prevent charge-off
Change the outcome that will lead to lower charge-off losses and increase ROI on your portfolio. Let me introduce you to John. John lost his job and was no longer able to make payments on his loan. John did not notify you, the lender, therefore resulting in the situation below. Let me
Auto Deficiency Balances Got You Down? It’s no secret, auto deficiency debt is hard to collect – really hard. You first have to get past the fact that many debtors don’t even realize that that they may owe money even after a car has been repossessed and sold. A quick
Starter Interrupters. A Real Non-Starter. The earliest patent I could find for a starter interrupter device was filed on June 30, 1995. They have since grown in popularity to become a necessity for some sub-prime lenders granting loans below a certain credit threshold. Yet, in the 20 years since their
Are you familiar with The Servicemembers’ Civil Relief Act (SCRA) and the risk associated to repossessing a vehicle from a customer who is listed as “Active Duty?” If not, you may want to take a moment and familiarize yourself and how it could negatively affect your bottom line. There are a number of
Could the secret to better returns on your auto loan portfolios be a “to-don’t” list? As the year comes to a close, we often write our list of resolutions for the New Year. We decided to change it up and give you a “what not to do” list instead. Here
Flat-Rate Vehicle Location Data Helps You Prevent CFPB Fines. The CFPB (Consumer Financial Protection Bureau) is cracking down on Disparate Treatment and Disparate Impact and here’s the rub: you can get into hot water even if the disparate treatment or impact is unintentional. In simplistic terms, the CFPB is saying
Why Traditional Collections for Non-Traditional Loans Doesn’t Work. Imagine a perfect collections world – a world where all loans, subprime and prime, were paid on time. Admittedly that’s a fantasy scenario, yet we are seeing collections departments that live in a similar fantasy world – a world where tradition equals
Value-Based Pricing Opens New Possibilities for Collections & Recovery FORT WORTH, TX 10/20/2015 – Digital Recognition Network (DRN) (www.drndata.com) announced the launch of their new Enterprise Solution, a value-based subscription model for all-you-can-eat access to vehicle location data. Auto lenders rely on DRN’s vehicle location data to recover more assets
Why your new Best Practice should be using vehicle location data to reduce charge-offs. Insanity is doing the same thing over and over again and expecting the same results. Yet, that’s exactly what we are seeing with many auto lenders who turn to us for help. They employ the same
Attention Auto Lenders: Use ROI to drive data investments and reduce charge-offs. In our last blog we talked about John’s loan and the power of new vehicle location data insights in collections. We learned how using LPR data early in the collections cycle provides valuable insights to help prevent charge-off
Change the outcome that will lead to lower charge-off losses and increase ROI on your portfolio. Let me introduce you to John. John lost his job and was no longer able to make payments on his loan. John did not notify you, the lender, therefore resulting in the situation below. Let me
Auto Deficiency Balances Got You Down? It’s no secret, auto deficiency debt is hard to collect – really hard. You first have to get past the fact that many debtors don’t even realize that that they may owe money even after a car has been repossessed and sold. A quick
Starter Interrupters. A Real Non-Starter. The earliest patent I could find for a starter interrupter device was filed on June 30, 1995. They have since grown in popularity to become a necessity for some sub-prime lenders granting loans below a certain credit threshold. Yet, in the 20 years since their
Are you familiar with The Servicemembers’ Civil Relief Act (SCRA) and the risk associated to repossessing a vehicle from a customer who is listed as “Active Duty?” If not, you may want to take a moment and familiarize yourself and how it could negatively affect your bottom line. There are a number of
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