Wednesday, Jun. 24, 2020, 12:33 PM
Resolvion recently conducted an email survey of auto-finance provider inquiring about repossession activity once the coronavirus pandemic abates and recovery efforts intensify.
One of the telling findings from the survey uncovered the depth of concern that finance companies have about the capacity for the repossession industry to handle the volume of assignments that could be on the horizon.
Here are some of the highlights from Resolvion’s survey as the complete results can be downloaded from the company’s website.
What is your institution type?
Bank – 13.51%
Captive – 2.70%
Independent Finance Company – 43.24%
Credit Union – 35.14%
Other – 5.41%
Is your institution’s auto loan portfolio larger than $10 billion in outstandings?
Yes – 8.33%
No – 91.67%
Check the following types of repossession orders your institution is currently issuing?
Involuntary Repossession – 66.22%
Voluntary Repossession – 90.54%
Impound Repossession – 74.32%
None – 5.41%
If your institution is currently issuing involuntary repossession orders, are you doing so on the following portfolios?
Pre-Charge-Off – 88.64%
Post-Charge-Off – 75%
If your institution is not currently issuing involuntary repossession orders, when do you expect to resume doing so?
June – 29.79%
July – 31.91%
August – 4.26%
Unknown – 34.04%
Do you have concerns that there may not be enough industry capacity to handle the demand for repossession services once COVID-19-related moratoriums are lifted?
Yes – 36.49%
No – 63.51%