Prepare for “Interesting Times”
These are “interesting times” for the $1.3 trillion vehicle finance/servicing industry. Subprime share is down, credit scores are up and employment is strong, but some disturbing trends are developing. The rate of serious (90-day plus) delinquencies is hovering close to where it was at the height of the Great Recession. More disturbing, one of the biggest buyer groups, Millennials, are now also the customers most likely to transition from being late to seriously
delinquent. Meanwhile, states continue to broaden consumer protection, restrict the use of vehicle disabling technology and require new post-repossession notifications.
Fortunately, Covius is here to help support vehicle servicers during these interesting times. Not only does Covius track these industry-effecting developments, but we also provide a complete spectrum of Critical Borrower Communications and consulting services to vehicle servicers.