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Resolvion recently conducted a participation survey with financial institutions and lenders quizzing them about their post Covid-19 repossession processes. Below are a smapling of participant responses. You can download the entire survey directly at the Resolvion website by [Clicking Here]

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-RELATED MORATORIUMS ARE LIFTED?

  • Yes – 36.49%
  • No – 63.51%