Partnership History: Premier Members Credit Union, based in Boulder, Colorado, began its partnership with DRN in 2017 after hearing success stories from other lenders. DRN’s Location Alerts tool quickly became an important piece in PMCU’s vehicle repossession process and one they relied on heavily as they expanded into other states. Since then, use of Location Alerts – part of DRN’s comprehensive DRNsights platform – has enabled PMCU to gain speed, efficiency and accuracy when submitting vehicles for repossession. In fact, in 2020 alone, PMCU estimates it saved 62% – more than $500,000 – in potential charge-offs.
Challenge: Amid the Covid-19 pandemic, federal and state moratoriums and general business shutdowns halted repossessions over several months. This created a backlog of repossessions once those activities could restart beginning in late July and August. PMCU found itself with 120+ accounts that needed quick attention after being on hold, in addition to new accounts coming up for repossession on a frequent basis.
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