Established in 1992, NCCI’s services continue to deliver nationwide actionable data through our proprietary platform to create the highest return on investment for our clients. Like our clients, we care greatly about headline, reputational, compliance, and regulatory risk. We are licensed, bonded, and certified. We partner with and collaborate with our clients, never taking a one-size fits all approach
Get the latest insights and updates on outreach resolution solutions and find out more about what’s happening at NCCI.
Auto Lenders Bracing for Increased Defaults
Of the not insignificant number of silver linings that came out of the COVID era, one was a boom in auto lending and a significant reduction in delinquencies and default in that business.
That began to change earlier this year and is now being viewed by many auto lenders as an emerging problem.
Cox Automotive reported back in February that the rate of vehicle repossessions was up 20.4% year-over-year. By June, the same researchers reported that the COVID-era was over, at least as far as the auto industry was concerned, and loan defaults and repos had returned to historical norms.
While some looked at this information with great alarm, NCCI customers have largely been returning to their best-practices approach to dealing with auto loan default.
Back to normal for auto loan default
Consumers didn’t take long to adapt to the government’s actions to limit the negative impacts of the pandemic. With the housing industry forced to put delinquent borrowers into forbearance programs, consumers spent their government stimulus checks on new cars.
Unfortunately, supply chain issues conspired to make it impossible for auto manufacturers to keep up with the demand. Today, production is meeting demand, for the most part, as the auto industry normalizes, but the government stimulus checks and home mortgage payment moratoria are over.
As NCCI President Matthew Preuss puts it: “It’s time now for auto lenders to get back into the groove of effective loan servicing, which is exactly what our clients are doing.
For most lenders, that means staying in touch with borrowers, paying attention to missed payments and reaching out at the first sign of trouble. That’s where the NCCI team often comes in. With thousands of field services professionals across the country, NCCI can put the lender’s information into the hands of their borrowers.
Often, according to Preuss, this makes all the difference and gets borrowers back on track before the lender has to repossess the vehicle.
For more information about how NCCI can make servicing your auto loan portfolio more effective, reach out to us today.
Service results depend on a number of specific factors unique to each transaction, type of service, and location of service. Prior service results do not guarantee a similar result or outcome in all or other future transactions. Discussion of prior service results on this website do not guarantee the same or similar service results in all or any transaction. Not all service results are provided, and the service results shown may or may not be representative of service results obtained. No two transactions are identical. Each and every transaction is unique, and the outcome for each transaction depends on specific factors that are different and may vary depending on numerous factors. This website is not an offer, solicitation or guarantee of any service result or outcome. Although this website may be viewed worldwide, NCCI services are only provided in the United States, Puerto Rico and the US Virgin Islands. By accessing this website, you agree that any disputes or matters arising out of or related to your viewing or use of this website shall be governed under the laws of a United States jurisdiction in the State of Nevada.
The content of this website is fully and only intended for general informational and educational purposes. If you visit our website, we may collect general information about the way in which you use our site, including the time and duration of visit, IP address, browser type and version, operating system, device type, the website URL or web page that referred you to our site, your path through our site, and in site traffic patterns. We may use this information to identity levels and areas of interest to improve, refine and enhance user informational experience of our site, operational maintenance of our site, or as may be legally required.
If you provide information through this website, either in a form on this website or by sending us an email, we may collect and use that information to contact you if you so request.
We do not sell, rent, trade, or give away any information collected, including but not limited to, personally identifiable information (Personal Data) provided by visitors to our site, to any third party.
Informational Purposes Only
The content of this website is fully and only intended for general informational and educational purposes.
Proper Use
You agree that your use of this website at all times will be for informational and educational purposes only. You further agree that your use of this website will at all times be proper and lawful. You agree not to attempt to gain access to non-public areas of this site or to files, servers, or other data belonging to NCCI by “hacking” or other unauthorized means. You agree not to damage or disrupt the operation of this website by any electronic or other means.
No Guarantees, Warranties and Limitation of Liability
NCCI makes no guarantees, warranties, representations or claims with respect to any of the information or content on this website. Any testimonials or endorsements contained in the website do not constitute a guarantee, warranty or prediction regarding the outcome of any transaction. NCCI will make every effort to maintain current information on this website, but does not guarantee the currency, accuracy or completeness of the information. Information and content on this website are provided “as is” without warranty of any kind, either express or implied, including without limitation warranties of suitability, reliability, applicability, merchantability, fitness for a particular purpose, non-infringement, result or outcome. NCCI reserves the right, but has no obligation, to add, change, improve, and/or update the information and content on its website without notice or liability to you or any other person.
You use this website at your own risk. NCCI assumes no liability or responsibility for any errors or omissions in the information and content of this website. NCCI denies responsibility and liability for damages incurred as a result of your access to or use of information on this website, including but not limited to, liability for damages under contract theories, tort theories, or any damages caused by viruses or other malware contained within electronic files of this website or any linked site, regardless of prior notice to us. Under no circumstances and under no legal theory shall NCCI, its owners, its shareholders, its attorneys, its employees, its contractors, its agents, its suppliers, its vendors, or any other party involved in creating, designing, producing or delivering this website’s information and content be liable to you or any other person for any alleged direct, indirect, special, incidental, consequential damages of any character or kind arising from your or anyone’s access to, or use of, this website.
Intellectual Property Rights
All copyrightable text, graphics, imagery, illustrations, icons, logos, photographs, video clips, written materials, software, interfaces, code, the selection, arrangement and presentation of all materials and content on NCCI’s website, and the overall design of this website are protected under copyright and trademark laws and are the copyright, trademark, trade dress, intellectual and/or proprietary property owned, controlled or licensed by NCCI at © 2023 NCCI. All rights reserved.
You may use the materials and content on this website for personal informational and educational purposes only. Permission is granted to download, copy, and print materials from this website and you may send, forward, and transmit this website in hyperlink form for the purpose of viewing, reading, retaining, and educating for informational reference. Any other copying, distributing, displaying, retransmission, or modification of information, content or materials on this website, whether in electronic or hard copy form, without the express prior written permission of NCCI is strictly prohibited.
Indemnification
You agree to indemnify NCCI for any and all damages or harm caused by your violation of these Terms of Use. You further agree to defend, indemnify, and hold harmless NCCI, its owners, its shareholders, its attorneys, its employees, its contractors, its agents, its suppliers, and its vendors from any and all third-party claims, demands, damages, losses, costs, attorneys’ fees and expenses resulting from your violation of these Terms of Use. You agree that the exclusive venue for any litigation alleging a violation of these Terms of Use shall be the courts of State of Nevada, ______ County.