Resolvion Covid-19 Survey Results
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%