Firm Reports Drop in Auto Repossessions
Repo Remarketing has noticed a drop in overall auto possessions among credit union members but an increase in “hard to find” cases.
Some members are using “a creative variety of methods to conceal the vehicles and avoid repossession,” according to Jodie Dawson, director of repossession at Repo Remarketing, a Citrus Heights, Calif.-firm that works with credit unions.
In response, Dawson recommended starting with an analysis of the risk including age, mileage, condition and type of vehicle versus the benefit or salability. Performing agents, skip tracing professionals and technology such as license plate recognition are other recovery tools, she added.
Citing data from TransUnion, Repo Remarketing said 46 states experienced a drop in their quarter‐to‐quarter delinquency rates, while only two states showed an increase on a year‐over‐year basis.